Tuesday, May 24, 2022
HomeNational NewsHolcim looking to sell India's Rs 6,9.6 billion Ambuja Cement

Holcim looking to sell India’s Rs 6,9.6 billion Ambuja Cement

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According to people familiar with the matter, Holcim Ltd, the world’s largest cement maker, is considering a possible sale of businesses in India, including Ambuja Cement Ltd.

The Swiss giant is interested in its controlling stake in Ambuja, the people said, saying the information was private and asked not to be identified. With a market value of approximately $9.6 billion, Holcim controls 63.1% of Ambuja.

People said that the deliberations were in the initial stage and that the transaction could not take place. Ambuja shares have gained over 20% this month, partly due to market speculation about a possible merger.

A Holcim representative declined to comment, while an Ambuja spokesperson could not be immediately contacted for comment outside of Mumbai’s regular working hours.

1649918286 994 Holcim looking to sell Indias Rs 696 billion Ambuja Cement

Holcim is selling non-core assets to reduce debt and diversify through acquisitions. It divested its Brazilian unit in September for $1 billion and is also planning to sell its business in Zimbabwe.

Meanwhile, the company agreed to buy Malarkey Roofing Products in December and Firestone Building Products in early 2021, as Chief Executive Officer Jan Janish adds new construction businesses outside of traditional cement.

Established in 1983, Ambuja has a cement capacity of 31 million metric tons, and according to its website, has six integrated manufacturing plants and eight cement grinding units in India. Its subsidiaries include ACC Limited, which is also publicly traded.

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