JSW Group to Make $7 Bn Bid For Holcim's India Cement Business
Indian metals-to-cement conglomerate JSW Group will make a $7 billion bid for Holcim AG's Indian subsidiaries Ambuja Cements Ltd and ACC Ltd The company will offer $4.5 billion in its own equity and $2.5 billion from undisclosed private equity partners for the bid, JSW Group Chairman Sajjan Jindal told the newspaper, adding that it will acquire 63% stake in Ambuja Cements. The move comes as Switzerland's Holcim tries to diversify away from its core business of cement and aggregates to focus more on building technology amid increased emphasis on sustainability.
Tags : JSW Group Bid Holcim's India Cement Business Ambuja Cements JSW Group Chairman Sajjan Jindal