Home Construction Materials / Products / Equipment News Concrete & Cement News LafargeHolcim increases its stake in Indian cement firms for $317m

    LafargeHolcim increases its stake in Indian cement firms for $317m

    LafargeHolcim raises its stake in Indian cement firms

    Cement manufacturing major, LafargeHolcim has announced that its subsidiary, Holderind Investments Ltd has increased its stake Indian cement firms– Ambuja Cement Ltd and ACC Ltd for around $317 million. The company has raised its shareholding in Ambuja by 39.1 million shares to 1.25 billion shares representing a stake of 63.11 percent of total Ambuja shares for Rs 940 crore ($139 million). On the other hand in ACC, a subsidiary of Ambuja, it has acquired 7.87 million more shares to take its the total shares held by it to 8.4 million, amounting to 4.48 per cent of total ACC shares for Rs 1,209 crore ($178 million). In July this year, the Cabinet Committee on Economic Affairs (CCEA) approved Ambuja Cements’s planned acquisition of a 24% stake in Holcim India paving the way for the proposed restructuring of the holding pattern of Holcim’s India units, ACC Ltd and Ambuja Cements Ltd. LafargeHolcim has over 60 million tonnes of cement capacity in India with more than 13,000 employees in the country. The increase in stake comes four months after LafargeHolcim entered into an agreement with Nirma Ltd to sell 100 per cent stake in Lafarge India Pvt. Ltd for $1.4 billion, in an attempt to pare its debt.

    Source: dealstreetasia.com
    Image source: abc.es


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