Indian metals-to-cement conglomerate JSW Group will bid $7 billion for Ambuja Cements Ltd and ACC Ltd, Indian subsidiaries of Holcim AG, the Financial Times reported on Tuesday.
JSW Group chairman Sajjan Jindal told the newspaper that the company would offer $4.5 billion in its own equity and $2.5 billion from undisclosed private equity partners for the bid. Ambuja Cements,
The move comes as Switzerland’s Holcim is trying to move away from its core business of cement and aggregates to focus more on manufacturing technology amid an emphasis on sustainability.
Bloomberg News reported last month that Indian billionaire Gautam Adani’s conglomerate Adani Group is also in talks to buy Ambuja from Holcim.
JSW Group, Holcim, Ambuja Cements and ACC did not immediately respond to Reuters requests for comment outside business hours.