(Reuters) – Indian metals-to-cement conglomerate JSW Group will make a $7 billion bid for Holcim AG’s Indian subsidiaries Ambuja Cements Ltd and ACC Ltd, the Financial Times reported https://on.ft.com/3vYACAY on Tuesday.
The company will offer $4.5 billion in its own equity and $2.5 billion from undisclosed private equity partners for the bid, JSW Group Chairman Sajjan Jindal told the newspaper, adding that it will acquire 63% stake in Ambuja Cements.
The move comes as Switzerland’s Holcim tries to diversify away from its core business of cement and aggregates to focus more on building technology amid increased emphasis on sustainability.
Bloomberg News had reported last month Indian billionaire Gautam Adani’s conglomerate Adani Group was also in talks to buy Ambuja from Holcim.
JSW Group, Holcim, Ambuja Cements, and ACC did not immediately respond to Reuters’ requests for comment outside business hours.
(Reporting by Shivam Patel in Bengaluru; editing by Uttaresh.V)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
