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    Lafarge India sale on its last legs

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    LafargeIndiaThe five bidders that gave their final bids for Lafarge India’s 11Mt/yr cement business have been called to London, UK for the final leg of discussions, which started on 7 July 2016. Multinational bidders, including Mexico’s Cemex and China’s Anhui Conch, are believed to have bid aggressively. Domestic bidders Ajay Piramal Group, Nirma and Sajjan Jindal-led JSW Cement also submitted bids earlier in the week. The bids are in the range of Euro 1.19-1.33bn, which implies an enterprise value of US $108-121/t, comparable to UltraTech’s recent acquisition of JP Group’s cement assets for US $116/t. The discussion in London could take three to four days to finalize. The winner will be decided not just on the price quoted for assets but also other conditions for the bid. Once the winning bid is decided, an exclusivity agreement will be signed with the bidder and it will take around three months to complete the deal.

    Source: globalcement.com

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