Germany-based Almatis GmbH is acquiring 40% stake of cement major ACC in their JV Almatis ACC for an undisclosed price. The Kolkata-based joint venture company would now become a wholly-owned subsidiary of Almatis. Almatis is owned by private equity firm Rhone Capital and Teacher’s Merchant Bank and is the leading global supplier of specialty alumina and its products are used in industries from steel production to electronics. The JV was formed for the first time in 1995 between Alcoa’s aluminium refining business and ACC to produce ceramic and refractory raw materials. Located in Falta in Eastern India, Almatis ACC processes tabular alumina from Europe for the Indian refractory market.
Read The Economic Times article.
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