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LafargeHolcim says agrees to sell Lafarge India to Nirma Ltd for $1.4 billion

Adds that move is part of the company's $3.56 billion divestment programme

Jaypee Group to sell cement arm by March for Rs 19,500 cr

Reuters Zurich
LafargeHolcim has agreed to sell its Lafarge India business to Nirma Ltd for an enterprise value of around $1.4 billion, the world's biggest cement maker said on Monday.

"This agreement is an important step in our 3.5 billion Swiss franc ($3.56 billion) divestment programme," LafargeHolcim Chief Executive Eric Olsen said in a statement.

"With this deal, two-thirds of the programme has been secured and the remainder of the program is well on track. We are confident that we will meet our target by the end of this year," the statement added.

The deal, the proceeds of which will be used to pay down LafargeHolcim's debt, is subject to approval by the Competition Commission of India.
 

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First Published: Jul 11 2016 | 11:28 AM IST

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