Ultratech in talks with rival cement firms, PEs on asset divestiture plans

India's largest firm in the sector seeks more time from Switzerland's Holcim to make a bid for Ultratech and ACC.

Ultratech has started talks with rival cement companies and private equities (PE) to sell plants in Western and Central India, aiming to win the Competition Commission of India’s approval in case it acquires Swiss major Holcim's 63 percent stake in Ambuja Cements.

A banker said Ultratech, while making an “aggressive” non-binding bid, has sought more time from Holcim to close the deal as any combination between it and Ambuja Cements and Ambuja subsidiary ACC will trigger the CCI’s objections. Such a bid will lead to divestments of assets from Ultratech, Ambuja and ACC. Ultratech, India’s largest cement major, will talk