Mumbai: French cement major Lafarge has acquired construction and engineering major Larsen and Toubro's ready-mix-concrete (RMC) business for Rs.14.80 billion.

Announcing this here Thursday, a spokesperson of the company said L&T had been supplying RMC to all segments under the brand name L&T Concrete for the last 10 years with a market share of 25 percent.

In one decade, L&T Concrete had established 66 RMC plants across the country covering all metros and major Tier I and Tier II cities.

With this acquisition, Lafarge through its subsidiary Lafarge India has acquired a pan Indian presence.

According to a L&T spokesperson: "The exit from this line is a part of its strategy to focus on its core business and the services required in the RMC business are very different from L&T's engineering and construction business."

L&T had earlier exited its cement business through a demerger and sale to Grasim in 2004. The RMC unit was, however, held back and it became a separate entity - L&T Concrete.