Adani and JSW Group have stepped up their move to buy India’s popular cement brand Ambuja. Both these groups submitted non-binding bids for the acquisition of Ambuja Cement last week, Business Standard reported. Both groups have their funding together with a slew of private equity (PE) firms. Along with this, the time limit for closing the transaction has been offered at the earliest.
Let us inform you that Ambuja Cement’s parent company Holcim Limited has decided to sell its business in India. Holcim Ltd. controls 63.1 per cent stake in Ambuja Cement. Apart from Adani Group, D-Mart’s Radhakishan Damani, US private equity firm Apollo Global Management, Sajjan Jindal-led JSW are in the race to buy Ambuja’s business.
Apart from this, UltraTech Cement of Aditya Birla Group is also showing interest in Ambuja’s business. However, its proposal may get delayed once regulatory approval is received.
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Decline in Ambuja’s profits: Ambuja’s profit declined 30.26 per cent to Rs 856.46 crore for the first quarter ended March 2022. Its operating income grew 2.4 per cent to Rs 7,900.04 crore during the quarter. The financial year of the company is from January to December.