CRH has announced its first acquisition in India with the news that it has bought a 50% stake in My Home Industries Limited for €290m.

My Home Industries is a privately-owned cement company with its head office in Hyderabad. Its operations consist of three cement production unites with a separate grinding plant under construction.

Its current annual cement production capacity is 3.2 million tonnes, which will increase to 4.2 million tonnes when the grinding plant is finished early next

'MHIL is one of the most modern cement producers in India with excellent reserves and a strong management team and is a market leader in the dynamic Andhra Pradesh market,' commented Liam O'Mahony, CRH's chief executive.

The deal is expected to be completed during the second quarter of 2008.

Last week the group agreed to buy US concrete paving maker Pavestone for $540m. Having spent €2.2 billion on 78 deals last year, CRH has said it hopes to at least maintain the same level of acquisition spending this year.

CRH shares closed up 10 cent at €24 in Dublin.