A leading Irish building material firm has announced its latest international acquisition.

CRH, who yesterday announced its appointment of a new Chief Executive designate, has purchased a 45% stake in an India-based cement firm.

This, according to the firm, this is the first phase of investment in My Home Industries Limited, located in Hyderabab,

-- Advertisement --

Plans for the shareholding investment were announced earlier this year.

A CHR Spokesperson said: "The second phase of the transaction for the remaining 5% shareholding is expected to be completed in the next three months."

Today's announcement forms part of a series of acquisitions by the materials group. Already this year the firm invested into a 26% stake in Chinese company Yatai, reportedly worth €0.2bn. Other ventures include a US concrete business and a producer of construction accessories, based in the UK.

See: CRH Appoints New Designate Leaders

(PR/JM)