In order to reduce debt and diversify its portfolio through acquisitions, Holcim has been selling off its non-core assets.
The world’s largest cement manufacturer, Holcim Ltd, is planning to potentially sell its entire stake of 63 per cent in India-based Ambuja Cements, along with other businesses in India, Bloomberg reported citing sources. Ambuja Cement currently has a market valuation of $9.6 billion.
According to the report, deliberations are in the early stages and may lead to a transaction. In order to reduce debt and diversify its portfolio through acquisitions, Holcim has been selling off its non-core assets. In September last year, Holcim divested $1 billion in its Brazillian unit. It is also planning to sell its business in Zimbabwe.
In December, Holcim acquired Malarkey Roofing Products and in early 2021 Firestone Building Products.
Ambuja Cement, which was founded in 1983, has a cement capacity of 31 million metric tons. Having integrated six manufacturing plants, and eight grinding units, the company has ACC Ltd, as a subsidiary.