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UltraTech, JSW lost Ambuja race due to CCI concerns: Holcim CEO

The CEO said the smoothness of the execution of such a transaction was a major factor in taking the decision.

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The transaction had been in the making for the last three months, said Holcim’s Chief Executive Officer Jan Jenisch

2 min read Last Updated : May 18 2022 | 1:44 AM IST

India's leading conglomerates, JSW and the Aditya Birla group's UltraTech lost the race to acquire Ambuja Cements due to the potential delays in getting Competition Commission of India"s approvals by the existing cement companies, CEO of Swiss cement major, Holcim, Jan Jenisch indicated to analysts.

The CEO said the smoothness of the execution of such a transaction was a major factor in taking the decision. Both JSW and UltraTech had bid higher than the Adani group for Holcim stake.

JSW Chairman Sajjan Jindal had said he offered $7 billion to acquire Holcim's 63 per cent stake in Ambuja. UltraTech had

Topics : UltraTech JSW Adani Group Ambuja Cement Ambuja Cements ACC

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