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Baring PE Asia agrees €200m deal for cement maker Lafarge India

15 May 2013

cement-5_sqBaring Private Equity Asia has agreed to buy a 14 per cent stake in the Indian arm of French cement maker Lafarge in a €200m deal.

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.

In March US private equity firm Blackstone reportedly won the race against Citi Venture Capital International (CVCI) to pick up a stake in India’s Sree Jayajothi Cements.

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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