ZURICH (Reuters) - LafargeHolcim (LHN.S) 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 program,” LafargeHolcim Chief Executive Eric Olsen said in a statement.
“With this deal, two-thirds of the program 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 deal, the proceeds of which will be used to pay down LafargeHolcim’s debt, is subject to approval by the Competition Commission of India.
($1 = 0.9828 Swiss francs)
Reporting by Joshua Franklin; Editing by Ryan Woo