EBRD invests 120 mln euros in Lafarge Russian ops

The European Bank of Reconstruction and Development has invested an additional 120 million euros ($172.7 million) in the Russian unit of Lafarge SA (LAFP.PA), the world's biggest cement company.

EBRD, which in 2006 invested 70 million euros into Lafarge Cement Russia, said in a Monday's statement the new equity investment aimed to fund a major expansion and plant modernisation programme in the Russian regions.

"Despite having been badly hurt by the crisis, the Russian cement market has strong growth prospects in the long term, fuelled by significant construction needs in the housing, commercial real estate and infrastructure sectors," EBRD said.

From China Cement (2009-12-22)