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15.05.08
India: L&T to Sell Concrete Business to France’s Lafarge
Mumbai 05/15/08 (www.emfis.com)
India’s biggest engineering company Larsen & Toubro Ltd said it has sold its ready-mix concrete (RMC) business to Lafarge India, the nation’s unit of French parent Lafarge SA.
Lafarge acquired the unit for $349.5 million, giving it a 25 percent market share and leadership in the RMC market in India at a time when infrastructure projects are expected to see rapid growth.
Lafarge only has 3 cement plants in India, through two purchases in 1999 and 2001. The company acquired 66 cement plants across India, some of which are located in key markets.
Shares in Larsen & Toubro were trading at 2935 and rising more than 3.81 percent as of 4:46 AM on the New York Stock Exchange.
Source: EMFIS.COM, Author:
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