LafargeHolcim hikes stake in ACC, Ambuja Cements
LafargeHolcim, the largest cement producer in the world, has raised its holding in its two flagship local companies, ACC Ltd and Ambuja Cements Ltd, for around Rs 2,149 crore ($320 million).
India's second-largest cement producer picked up a 4.2 per cent additional stake in ACC for Rs 1,209 crore and around 2 per cent in Ambuja Cements for Rs 940 crore.
LafargeHolcim held a 61.62 per cent stake in Ambuja Cements as on 30th September, which will now go up 63.62 per cent. The company held a 0.29 per cent stake directly in ACC, which will go up to 4.5 per cent. Ambuja Cements owns a 50.05 per cent. Due to the current deal, LafargeHolcim's direct and indirect holding in ACC rises from (approximately) 31.1 per cent to 36.3 per cent.