India’s Shriram EPC has agreed to sell its stake in Sree Jayajothi Cements to My Home Industries, owned by building materials provider CRH.

Shriram said the deal valued Sree Jayajothi at 14 billion rupees ($230m) and the company intends to use the proceeds to reduce debt.

Sree Jayajothi Cements has a 3.2 million-ton cement plant in the southern Indian state of Andhra Pradesh.

The Shriram Group has interests in the financial, power, infrastructure, construction and property sectors. Irish Times