Sinoma International Engineering (Hong Kong), a part of the Chinese state-run National Materials Group Corporation, acquired a majority stake in Chennai-based equipment manufacturer LNV Technology. Sinoma International bought 68 per cent stake in LNV Technology for Rs 130 crore. The rest of the share in the joint venture is held by VC Rao, Managing Director of the company, and LV Technology. Rao had around 51 per cent equity share in the company before the deal.

The Chinese firm would provide LNV expertise in research and design, manufacturing, installation and after sales service, said Liu Zhijiang, Group Chairman, China National Materials Group Corporation (Sinoma). He says a partnership with LNTV will help it serve its Indian clients better. The company would gradually introduce a brand new business model for the local cement plant owners, he adds.