lafarge-india-buys-lt-concrete

Lafarge India buys L&T Concrete

Lafarge spends $350 million on its third Indian acquisition to cement its position in readymix concrete.
Lafarge is to acquire LT Concrete in India from Larsen Toubro for a firm value of Ç226 million $350 million.

LT Concrete comprises 66 concrete plants located across India, in markets such as Delhi, Kolkata, Mumbai and Bangalore. It has an estimated market share of 25%. Citi is advising Larsen Toubro on the deal.

Larsen Toubro sold its cement division to Kumar Mangalam Birla in 2004 but held on to its readymix concrete business. In December 2007 it transferred the readymix business to a subsidiary, leading to market speculation that it was considering either a sale or a separate listing of the business.

Lafarge says the acquisition will be earnings accretive from...
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