Sinoma makes Indian acquisition

Sinoma International Engineering (Hong Kong) Co Ltd, part of China National Materials Group Corporation Ltd, has acquired a majority stake in India-based cement equipment manufacturer LNV Technology Pvt Ltd.

According to the agreement, Sinoma International Engineering has purchased a 68 per cent share in LNV Technology while joint venture partners Mr VC Rao, managing director of the Chennai-based firm and LV Technology Public Co Ltd, hold around a 16 per cent equity share each in the company. Previously, Mr Rao had a 51 per cent share while LV Technology a 49 per cent equity stake.

The Chinese firm would bring in its expertise in R&D, design, manufacturing, installation and after sales service to the Indian Joint Venture, said Liu Zhijiang, group chairman, China National Materials Group Corporation Ltd (Sinoma).