Ultratech joins race for Ambuja Cements and ACC, submits non-binding bid

UltraTech outlines divestiture details that would meet the norms set by Competition Commission of India

India's largest cement firm, Ultratech Cement, has joined the race to acquire the Holcim stake in Ambuja Cements and its subsidiary, ACC. UltraTech — part of the Aditya Birla Group — submitted a non-binding bid on Wednesday. Swiss multinational Holcim, which manufactures building material, is exiting India by selling its 63.19% stake in Ambuja Cements.

According to banking sources, UltraTech has submitted a plan to Holcim, outlining divestiture details that would meet the norms set by anti-trust body Competition Commission of India.

UltraTech currently has a total capacity of 120 million tonnes while Ambuja Cements and ACC have a capacity of 64