The company said Baring’s investment in Lafarge India Private would accelerate growth plans in the country across its cement, aggregates and concrete product lines.
It said, “India is an important market for Lafarge which has been present in this fast evolving market for the past 15 years.
“The group will continue to grow in India and provide innovative products and solutions to accompany India’s urbanization needs, particularly in the housing and infrastructure sectors.”
Baring Asia entered advanced talks over a deal with Lafarge at the start of May after edging out Singapore sovereign investor Temasek.
The pair were both thought to be interested in purchasing up to 30 per cent of the Indian business.
The firm bought a 53 per cent holding in the company for INR5.5bn ($100m) according to VCCircle, which cited a source privy to the development.
It said Blackstone bought the stake from financial services firm Shriram, which previously held 70 per cent of the business.
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