Billionaire Gautam Adani’s conglomerate Adani Group is in talks to buy Holcim’s cement business in India in the coming days, Bloomberg News reported on Tuesday, citing people familiar with the matter.
Adani could sign a deal to buy a controlling stake in Ambuja Cements Ltd from Switzerland’s Holcim, Bloomberg News said. The world’s largest cement maker currently owns 63.1 per cent stake in Ambuja.
As of Monday’s close, Ambuja Cements’ market capitalization was Rs 748.94 billion ($ 9.78 billion).
Other bidders interested in the assets include Indian metals-to-cement conglomerate JSW Group, Bloomberg News added.
Holcim is seeking to diversify, moving away from its core business of cement and aggregates to focus more on building technology as it increases its emphasis on sustainability.
Adani, Holcim and Ambuja did not immediately respond to Reuters’ requests for comments.
Earlier this month, the Economic Times reported Holcim may exit India, putting its twin listed arms Ambuja Cements Ltd and ACC Ltd up for sale.
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