Ambuja Cements buys stake in Dirk India

Swiss major Holcim-managed Ambuja Cements today said it has picked up 60 per cent stake in processed fly ash maker Dirk India for Rs 16.51 crore. 8220;With this acquisition,Dirk India and Dirk Pozzocrete have become subsidiaries of the company,8221; Ambuja Cements said in a communique to the Bombay Stock Exchange BSE. Dirk Pozzocrete is the subsidiary of the Maharashtra- based firm.

The stake was bought from the promoters of Dirk India,Ambuja Cements said,adding that the firm has 2,500 tonnes per day processed fly ash manufacturing capacity.

8220;During the financial year 2010-11,the company Dirk generated sales revenue of Rs 55.40 crore and earned EBITDA of Rs 6.8 crore,8221; Ambuja said.

In 2001,Dirk India had obtained a 30-year contract for the exclusive recycling of all Pulverised Fuel Ash from Nashik Thermal Power Station of the Maharashtra State Electricity Board.