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JSW Group to make $7 bn bid for Holcim's India cement business: Report

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

Topics
JSW Group | Ambuja Cement | ACC Cement

Reuters 

IBC process: Bhushan Power is JSW Steel's most aggressive, biggest lone bet
JSW Group to make $7 bn bid for Holcim's India cement business: Report

Indian metals-to-cement conglomerate will make a $7 billion bid for Holcim AG's Indian subsidiaries Ambuja Cements Ltd and ACC Ltd, the Financial Times reported 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, Chairman 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 had reported last month Indian billionaire Gautam Adani's conglomerate 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.

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(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.)

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First Published: Tue, May 10 2022. 06:19 IST
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