ET reported that Binani Cement is in talks to acquire a cement firm in Turkey for around INR 1,000 crore as part of its strategy to more than double its production capacity by two years.

A person privy to the development said the target company has an annual production capacity of 2 million tonne and the deal is likely to be sealed by March next year. He however declined to disclose the identity of the overseas firm.

A sourced said that Binani board last week approved the foreign acquisition which would be financed equally by internal accruals and debt. Rajasthan-based Binani has been working on a plan to scale up its annual capacity from 6 million tonne to 14 million tonne by 2011-12.

Mr Vinod Juneja MD of Binani Cement said that the company had appointed investment bankers for the Turkish acquisition. However he declined to share further details. He said that “We will inform the stock exchanges at an appropriate time.”

(Sourced from Economic Times)