Heidelberg to buy 51% of Mysore Cements

FRANKFURT: HeidelbergCement, Germany's biggest cement maker, agreed to buy a majority stake in India's Mysore Cements, boosting its share of the world's second- biggest market for the building material.

The company, based in Heidelberg, will purchase 51 per cent of Bangalore-based Mysore, spokeswoman Brigitte Fickel said today.

The Mysore purchase continues Chief Executive Officer Bernd Scheifele's acquisition program. The German company, which has about 627 million dollar to invest, this year purchased a majority stake in a Russian cement maker and a grinding plant in the Caucasian nation of Georgia.

HeidelbergCement also formed a joint venture with a partner in Mumbai.