Irish group CRH eyes stake in JP Associates' cement ops

Irish building materials group CRH Plc said it was in talks to pick up an equity stake in Jaiprakash ASSOCIATES' cement operations in Gujarat.

Jaiprakash's cement business in Gujarat consists of a 3.6 million tonne clinker plant and a grinding plant with the capacity to produce 2.4 million tonnes per annum.

Reuters reported in July that CRH was eyeing an expansion in India and was in the race with UltraTech Cement , India's No.1 cement maker, to buy two plants owned by Jaiprakash Associates.

On Monday, a newspaper reported that the Irish company was close to picking up a 51% stake in Jaiprakash Associates' cement operations in Gujarat.

Shares in CRH were up 1% at 15.66 euros at 1050 GMT on the Irish Stock Exchange. Shares in Jaiprakash Associates were up 2% at 77.55 rupees on the National Stock Exchange.