Hong Kong’s Sinoma International Engineering has acquired a majority stake in Chennai-based LNV Technology, which makes cement factory equipment. Sinoma is a subsidiary of the China National Material Group.
As per the deal, worth around $23.76 million, Sinoma International will hold 68 per cent in the company and the present management will continue for the next five years.
The acquisition will help LNV Technology expand its operations in India and abroad and diversify into engineering-procurement-construction (EPC) contracts for cement factories.
Sinoma was founded in 2001 and is today the world’s largest manufacturer of cement and cement equipment.
The company is engaged in domestic and overseas large-scale project general contract integration services, ranging from engineering consultancy engineering design, construction and erection, equipment manufacturing, supply, commissioning, operation and maintenance etc.
The company currently has 80 per cent market share in the Chinese cement equipment industry and around 40 per cent in the international market except China.
India Inc:
Monday, 15 April 2013 14:17
China buys into Chennai firm
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