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KKR, Temasek approached by Lafarge for India cement unit stake

20 Dec 2012

US buyout house KKR and Singapore sovereign wealth fund Temasek have reportedly been tapped up by the world’s largest cement maker, Lafarge, to buy an up to 25 per cent of its Indian operations.

A deal for the stake could be worth about $300m, according to Reuters, which cited two sources with direct knowledge of the matter.

Lafarge could exit India entirely if a strategic buyer offered to buy all of its operations in the country, the report said.

In October Singapore-based buyout house Nalanda Capital sold about 1.6 per cent of Indian cement maker Shree Cement for about INR2.13bn ($41m) for a two times return on investment.

The firm’s India Equity Fund parted with more than 561,000 shares at INR3,800 ($68.83) each according to the Bombay Stock Exchange, which said the transaction was made through a bulk deal.

Shree Cement is the fourth-largest cement company in India and the largest manufacturer and seller in the north region.

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