Mumbai, March 22
Germany's HeidelbergCement has entered into a 50:50 joint venture with Indorama Cement Ltd, according to a statement issued by the two companies.
Indorama Cement is an unlisted company that belongs to the Indonesia-based Indorama S P Lohia group; it has a 7.5-lakh-tonne cement plant in the Raigad district of Maharashtra, 100 km from Mumbai.
"The cement grinding plant in Mumbai is our entrance gate to India," said Dr Bernd Scheifele, Chairman of the Managing Board of HeidelbergCement. "Step by step, we intend to expand our activities on this very promising market. The joint venture in India is in line with our strategy to invest specifically in growth markets." HeidelbergCement is the third European manufacturer to enter the country, after France-based Lafarge and the Switzerland-based Holcim.