Holcim considers sale of Indian arms Ambuja Cement, ACC -Economic Times
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
BENGALURU -Holcim, the world's largest cement maker, may exit India, putting its twin listed arms Ambuja Cements Ltd and ACC Ltd up for sale, the Economic Times reported, citing multiple people aware of the decision.
The Swiss conglomerate is believed to have held early-stage negotiations with JSW and Adani Group, among others, to explore their interest levels, according to the report published on Thursday.
Holcim is trying to diversify away from its core business of cement and aggregates to focus more on building technology as it increases its emphasis on sustainability.
Late on Wednesday, Bloomberg News reported that Holcim is considering a potential sale of businesses in India including Ambuja Cements, citing people familiar with the matter.
Deliberations are in the early stages and may not lead to a transaction, Bloomberg reported, citing people familiar with the matter.
Holcim declined to comment, while Ambuja and ACC did not immediately respond to a Reuters request for comment.
(Reporting by Chandini Monnappa in Bengaluru; Editing by Rashmi Aich)
