India's Sagar denies report of JV stake sale talks with Vicat

Sagar Cements

19/03/2014 13:11

NEW DELHI, March 19 (Reuters) - India's Sagar Cements Ltd SGRC.NS  on Wednesday denied a newspaper report that it was in talks to sell its 47 percent stake in a joint venture with Vicat SA  VCTP.PA  to the French cement maker. The Economic Times newspaper earlier reported, citing unnamed sources, Vicat had started talks with Sagar to buy out its Indian partner in the joint venture that started operation in January 2013 with an initial capacity of 2.75 million tonnes. "We wish to deny the contents relating to our company in the said news item, which are speculative in nature," Sagar Cements said in a statement to the stock exchanges. The newspaper said Vicat's acquisition of the stake in the joint venture, Vicat Sagar Cement, could happen at $120 per tonne of capacity.       Shares in Sagar Cements rose as much as 5 percent during Wednesday's trade. The stock closed 4 percent higher at 176.85 rupees, while the main Mumbai market index  .NSEI  ended up 0.1 percent. (Reporting by Aditi Shah; Editing by Sumeet Chatterjee) ((aditi.shah@thomsonreuters.com)(+91-22 6180 7231)(Reuters Messaging: aditi.shah.thomsonreuters.com@reuters.net)(twitter: @aditishahsays)) Keywords: INDIA SAGARCEMENTS/VICAT