The Indian metals-to-cement conglomerate JSW Group will make a $ 7 billion bid to Indian subsidiary companies Holcim AG Ambuja Cements Ltd and ACC Ltd, the Financial Times reported on Tuesday.
The company will provide $ 4.5 billion in equity and $ 2.5 billion from undisclosed independent partners, JSW Group chairman Sajjan Jindal told the newspaper, adding that it would receive 63% of Ambuja Cements’ shares.
The move comes as the Swiss Holcim tries to break away from its core cement business and standards in order to focus more on construction technology amid greater emphasis on sustainability.
Bloomberg News reported that last month Indian billionaire Gautam Adani The Adani Group was in talks to buy Ambuja at Holcim.JSW Group, Holcim, Ambuja Cements, and ACC did not immediately respond to Reuters requests for comment outside of business hours.
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