Chennai, April 11 (IANS) Chinese cement machinery manufacturer Sinoma International has set a firm foot in the Indian market, buying 68 percent stake worth Rs.130 crore in the city-based LNV Technology Pvt. Ltd., an official said here Thursday.
"Sinoma has acquired the stake from two promoters of LNV Technology. The company acquired 35 percent stake from me and 33 percent from LV Technology of Bangkok," V.C. Rao, managing director at LNV Technology, told IANS.
Post stake sale, Sinoma will hold 68 percent in LNV Technology, while LV Technology and Rao will hold 16 percent each. The top management will not be disturbed for the next couple of years.
According to Rao, LNV Technology with a turnover of Rs.160-crore has an order book of Rs.115 crore.
"We hope to close the current fiscal with a turnover of Rs.250 crore. We expect the economy to pick up post 2014 general elections, and when that happens demand for cement and cement machinery will pick up," Rao said.
He said with the entry of Sinoma, there would be focus on engineering, procurement and construction (EPC) business in the cement sector which was not popular in India.
LNV Technology has its production facility at Tiruchirapalli in Tamil Nadu. Rao said its capacity is sufficient to fulfil the near future demand.