By Accommodation Times News Service
Swiss cement maker Holcim on Wednesday said it will increase stake in Ambuja Cement from 50 per cent to 61.39 per cent as part of restructuring its Indian operations. The deal also involves Ambuja Cements buying Holcim’s 50.01 per cent stake in ACC.
While both Ambuja and ACC will continue to operate as separate entities, the restructuring will allow for closer back-end cooperation between the companies as well as simplify the group structure.
Holcim owns about 50 per cent stake in both the firms. In a statement, Holcim said it intends to streamline the ownership structure of its operations in order to strengthen the existing platform and create value for all stakeholders.
Holcim said the Board of Ambuja and Holcim have agreed that the transaction will be effected through a merger of Holcim India Pvt Ltd, a wholly owned financial holding subsidiary, with Ambuja.