Titan Cement Expansion Into The South Asian Market
After a successful IPO in the US (NYSE: TTAM), Titan Group has announced that it has entered the south Asian market via a cementitious venture with JAYCEE in India. The new venture will operate under the name Atlas EcoSolutions Private Limited, with TITAN Group holding a majority stake. The new venture will focus on sourcing, processing, marketing, and distributing supplementary cementitious materials (SCMs) to the global markets. We think that the new initiative enhances TITAN's geographical footprint and aligns with the company's strategic priority to expand its green product portfolio toward net zero. The south Asian market could be Titan Group's new growth engine, where Titan could play a key role of introducing new materials and advanced technologies while reaping the benefit of being present in high growth markets. We await FY24 results (27th March 2025) and management comments on how IPO proceeds will be put to use. Until then, we stick to our HOLD rating and €45.0 TP.Titan Cement International SA is a Belgium-based international cement and building material producer. The Company's activities include the production, transportation, and distribution of cement, concrete, aggregates, fly ash, mortars and other building materials. The Company reports its activities into four geographical business segments: Greece and Western Europe, North America, South East Europe and Eastern Mediterranean. Apart from the transportation and distribution, the Company also transfers its know-how through collaborations with customers, business partners, local communities and Academia.
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