Baring Asia in talks to buy stake in Lafarge India unit
Baring Private Equity Asia is in advanced talks with the Indian arm of French cement maker Lafarge for a minority stake in the unit.
According to Reuters, the deal is valued at around $240 million and will help fund the expansion of Lafarge in India.
Lafarge has four cement plants in the country, and was previously reported to have approached KKR and Temasek Holdings to sell 20-25% of the India unit for about $300 million.
Asia accounted for 22% of Lafarge's cement activity sales in 2012 according to the company's annual report. In India Lafarge has a market share of 20%.
Lafarge is also said to be looking to sell its South Korean unit.
The divestment is part of a wider effort from the French cement maker to divest non-core assets and reduce debt levels to below EUR10 billion ($13 billion) in 2013. At the end of 2012, net debt had been reduced to 11.3 billion euros.
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