Sagar Cements Ltd on Wednesday denied a newspaper report that it was in talks to sell its 47% stake in a joint venture with Vicat SA to the French cement maker.
A financial 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% during Wednesday's trade. The stock closed 4% higher at 176.85 rupees, while Nifty ended up 0.1%.
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