Holcim increases stake in Ambuja Cements

ZURICH (Reuters) - Swiss cement maker Holcim said on Wednesday it would increase its stake in Ambuja Cements Ltd as part of a restructuring of its operations in India.

Holcim will increase its shareholding in Ambuja to 61.39 percent from its current stake of just over 50 percent, the Zurich-based firm said in a statement.

Ambuja will in turn acquire Holcim's 50.01 percent stake in ACC Ltd . Both Ambuja and ACC will continue to operate as separate entities.

"The transaction is expected to be neutral on Holcim's earnings per share in the first full year following the completion of the transaction and accretive thereafter", said Chief Executive Bernard Fontana.

 

(Reporting by Caroline Copley)