JSW Group To Make US$7bn Bid for Ambuja, ACC: Report
JSW group is expected to make a US$7bn (billion) bid for Holcim AG's Indian subsidiaries Ambuja Cements Ltd and ACC Ltd, the Financial Times reported.
The company will offer US$4.5 billion in its own equity and US$2.5 billion from undisclosed private equity partners for the bid, JSW group chairman Sajjan Jindal told the financial daily.
Further, it will acquire 63% stake in Ambuja Cements.
Bloomberg News had reported last month that Gautam Adani's conglomerate Adani Group was also in talks to buy Ambuja from Holcim as the latter has been trying to diversify away from its core business of cement and aggregates to focus more on building technology amid increased emphasis on sustainability.
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