Holcim: sells Indian business
(CercleFinance.com) - Holcim has signed an agreement to for the Adani Group to acquire its Indian operations, including its 63.
11% stake in Ambuja Cement, which holds a 50.05% stake in ACC, as well as its 4.48% direct stake in ACC.
The company will sell its Indian business for 6.4 billion Swiss francs ($6.4 billion) at a price that is slightly lower than the last rumours which mentioned 7 billion dollars, Invest Securities pointed out this morning.
The Swiss cement maker justifies this deal by its desire to focus on its Solutions & Products division (construction products other than cement), the broker said.
The construction sector has never been as attractive as it is today, with so many opportunities to build. Over the past twelve months, Holcim says that it has invested 5 billion Swiss francs in Solutions & Products as a new growth driver for it. Holcim is ready to seize further opportunities in line with its "Strategy 2025 - Accelerating Green Growth".
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