JSW Group To Mount $7-Billion Bid For Ambuja Cements, ACC: FT Report
Sajjan Jindal told FT that the acquisition of 63% of Ambuja Cements would be a “game-changer”.
JSW Group is set to make a $7-billion (about Rs 54,100-crore) bid for Holcim Group’s Indian subsidiaries Ambuja Cements Ltd. and ACC Ltd., the FT reported.
The JSW Group will offer Rs 34,815 crore ($4.5 billion) in its own equity and Rs 19,341 crore ($2.5 billion) from undisclosed private equity partners for the bid, the report said quoting Chairman Sajjan Jindal. He told FT in an interview that the acquisition of 63% of Ambuja Cements would be a “game-changer”.
Asia's richest man Gautam Adani is also in the fray to acquire the Swiss giant's Indian companies, Bloomberg earlier reported citing people with knowledge of the matter.
Holcim has been selling off its non-core, foreign assets, divested its Brazilian unit for $1 billion (Rs 7,700 crore) in September and plans the sale of its business in Zimbabwe.