JK Cement has secured in-principle approval from its board of directors to enter into a share purchase agreement for 100% of shares in Toshali Cements. The Economic Times has reported the value of the agreement as US$19m.
Toshali Cements operates the 200,000t/yr Ampavalli cement plant in Odisha and the 435,000t/yr Choudwar grinding plant, also in Odisha. JK Cement said that its acquisition of Toshali Cements will help the group to expand into Eastern India.
