BMM Cements plans to raise US$33m from IFC
India: According to the Business Standard, BMM Cements (BCL) plans to raise US$33m from the International Finance Corporation (IFC) to fund its turnaround.
Currently part of Bharat Mines & Minerals group (BMM group), BCL shareholders in November 2014 had agreed to transfer ownership to Sagar Cements Limited (SCL). After the transfer, BCL will become a wholly-owned subsidiary of SCL.
SCL has 2.75Mt/yr of cement capacity spread across two plants in Matampally and Pedaveedu, both in Nalgonda, Telangana. BCL has a 0.95Mt/yr of integrated cement plant in Anantpur, Andhra Pradesh. Due to various internal and external constraints, the capacity utilisation of the plant has been low since inception and it has been incurring losses.