Lafarge has completed the acquisition process of the 2.24 million-ton cement division of the Raymond Group by paying off the entire financial consideration of the deal to the latter, reports the Daily Economic Times.

On completion of the acquisition process, Lafarge India has taken over the management of the cement division from the Singhanias. Lafarge India struck the acquisition deal with the Singhanias in mid-2000 for US$7.9 billion in an all-cash deal.

According to the paper, Lafarge has pumped an additional US$3 billion into its Indian subsidiary to part-fund its acquisition of the Raymond cements division. The company raised an additional US$2 billion in a one-to-one deal with a foreign bank.

The acquisition of the Raymond's cement division, located at Bilaspur, will raise Lafarge India's total cement capacity to 4.24 million tons, thus helping the company garner more marketshare in the eastern region.