Shriram EPC to take majority stake in Sree Jayajothi cements

CHENNAI: Engineering, equipment and construction firm Shriram EPC is set to acquire a majority stake in Sree Jayajothi Cements Ltd that would enable its foray in cement industry.

The board of directors of the Chennai-based company at their recent meeting had given the approval to make a significant investment in the equity share capital of Sree Jayajothi Cements Ltd, a company official said today.

Asked whether Shriram EPC would hold a majority stake, the official told PTI: "Yes, We will".

Sree Jayajothi Cements based out of Rajapalayam in Tamil Nadu is promoted by T R Kannan and is part of the Jaya Vilas Group. The company has presence in textiles, public transportation, education and renewable energy.

The official said the Board had given its nod for taking a majority stake in Sree Jayajothi Cements, which would also make Shriram EPC to foray into the cement industry.

"I think it will take at least two-three months to take shape..", he said.

Sree Jayajothi Cements currently has a greenfield integrated manufacturing facility in Kurnool district in Andhra Pradesh with a two million tonne per annum capacity.