J.K. Cement Ltd. said its board gave its nod to acquire a 100% stake in Toshali Cements Private Ltd. for 157 crore rupees ($19 million) in cash.

Toshali, which manufactures and sells cement and clinker, owns two units in Odisha, the Indian cement manufacturer said in a stock exchange announcement.

The company said Toshali operates an integrated unit, with clinker capacity of 0.33 MTPA and grinding capacity of 0.198 MTPA, at Ampavalli in Odisha. Toshali also owns a grinding unit with cement production capacity of 0.435 MTPA at Choudwar in the eastern Indian state, it added.

JK Cement said the acquisition will help the company expand its footprint into the eastern region.

The acquisition is subject to requisite approvals as well as fulfillment of certain condition and may complete in six months, according to the statement. Following the acquisition, Toshali will become a subsidiary of JK Cement, it said.

Note: $1 = 82.4035 Indian rupees

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