Apollo Global Management may lend $1 bn to JSW for Ambuja Cements buy

The group is in talks with several sovereign funds based in west Asia to acquire Ambuja Cements

American private equity major Apollo Global Management, which owns a minority stake in JSW Cement, is planning to offer up to $1 billion to the Sajjan Jindal-led JSW group to make a bid for Ambuja Cements, banking sources said.

The Jindal family, which is in talks with a number of private equity firms for financing the transaction, is likely to pledge part of its 45 per cent stake in group flagship JSW Steel to raise funds for the acquisition, the sources said. The steel company was valued at Rs 1.75 trillion on the Indian stock market on Friday. The Jindals also