Billionaire Gautam Adani-led Adani Group is in talks to buy stakes Holcim's cement business in India, news agency Bloomberg reported citing people aware of the matter. Adani could sign a deal to buy a controlling stake in Ambuja Cements from Switzerland's Holcim, Bloomberg News said.
Earlier this month newspaper The Economic Times reported that Holcim could exit India business by putting its listed entities Amuja Cements and ACC up for sale.
Following this new development, Ambuja Cements share price rose as much as 3 per cent to hit an intraday high of Rs 391 achieving market capitalisation of Rs 77,261 crore on the BSE.
Meanwhile, ACC shares advanced 2.4 per cent to Rs 2,317 and achieved market capitalisation of Rs 43,529 crore, data from stock exchanges showed.
Switzerland-based Holcim’s Holderind Investments holds 63.19 per cent stake in Ambuja Cements, data from stock exchange showed.
Other bidders interested in the assets include metals-to-cement conglomerate JSW Group, Bloomberg News added.