HomeBusinessJSW Group makes $7 bn bid to Ambuja and ACC: Report

JSW Group makes $7 bn bid to Ambuja and ACC: Report

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The Financial Times reported that JSW Group is likely to bid $7 billion for Holcim AG’s Indian subsidiaries Ambuja Cements Ltd. & ACC Ltd.

Sajjan Jindal (JSW Group Chairman) said that the company will offer $4.5B in equity and $2.5B from undisclosed partners to help fund the bid.

Additionally, Ambuja Cements will be acquired by it at a 63 per cent stake.

Bloomberg News reported last month that Gautam Adani’s Conglomerate Adani Group was in discussions to purchase Ambuja from Holcim. The latter had been trying to diversify away its core business of cement, aggregates and to concentrate more on building technology with a greater emphasis on sustainability.

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