JSW Group to Bid for Holcim AG’s India Subsidiaries

JSW Group, the Indian metals-to-cement conglomerate, will bid $7 billion for Indian subsidiaries of Holcim AG, Ambuja Cements Ltd, and ACC Ltd.

JSW Group Chairman Sajjan Jindal told the newspaper that the company will offer $4.5 billion in its own equity and $2.5 billion to undisclosed private equity partners for a bid. He also said that it will acquire a 63% stake in Ambuja Cements.

JSW’s move to bid for the companies comes as Switzerland’s Holcim tries to diversify away from its core business of cement and aggregates, so it can focus more on building technology after the increased emphasis on sustainability. 

Earlier reports also claim that the Indian billionaire Gautam Adani’s conglomerate Adani Group was also in talks to buy Ambuja Cements from Holcim, last month.