Indian cement equipment maker LNV Technology has entered into a joint venture (JV) deal with the Hong Kong's Sinoma International Engineering Co Ltd. and Thailand's LVT to increase the local manufacturing of products.

As part of the deal, Sinoma will hold 68 per cent equity in LNV Technology for Rs 130 crore, while each of LNV Technology's Managing Director V C Rao and Thailand's LVT will hold 16 per cent equity in the company.

Mr. Rao said that the deal would enable the company to expand the local manufacturing of cement equipment products at international quality standards and lower prices, which would benefit customers.

Speaking about the deal, Mr. Rao said, "This would benefit the customers directly by avoiding high cost for import of equipment, long delivery time and other service related issues at a very short notice."

Sinoma will provide LNV with its expertise in the fields of research & design, manufacturing, installation as well as after sales service.

As per the company's estimates, demand for cement production capacity will rise to 20-30 million tones this year.

Sinoma, which is a part of the China's government-owned National Materials Group Corp, owns nearly 80 per cent market share of China's cement equipment industry.