PARIS: Swiss construction giant LafargeHolcim, the world鈥檚 largest cement maker, said it had agreed to sell its Indian operation to Indian cosmetics and detergents manufacturer Nirma for $1.4 billion.
The operation, which remains subject to clearance by India鈥檚 Competition Commission, would allow LafargeHolcim 鈥渢o continue to reduce group debt,鈥� the firm said in a statement.
鈥淭his agreement is an important step in our 3.5 billion Swiss francs disinvestment program,鈥� CEO Eric Holsen said.
鈥淲ith this deal, two thirds of the program has been secured and the remainder of the program is well on track.鈥�
Holsen added that in Nirma, based in Ahmedabad, Gujarat state, 鈥渨e have found the right partner who will be able to develop the business further in the interest of all our stakeholders.鈥�
The group, forged from last year鈥檚 merger of French group Lafarge with Swiss counterpart Holcim, has already offloaded its South Korean operations and signed an agreement to do the same with its Saudi interests.
Unveiling first quarter results down 22 percent in May the Swiss group cited falling prices in India as a key concern.