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.
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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.
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