Holcim Closes $6.4 Bln Sale Of Indian Business To Adani Group

Holcim Group (HCMLY.PK,HCMLF.PK), a Swiss building materials maker, Friday said it has closed the $6.4 billion sale of its business in India to the Adani Group.

The transaction comprises Holcim's entire 63.11 percent stake in Ambuja Cements Ltd., which owns a 50.05 percent interest in ACC Ltd., as well as its 4.48 percent direct stake in ACC.

Adani Group has acquired Holcim's full stakes in Ambuja Cement at a share price of 385 Indian Rupees and in ACC at a share price of 2,300 Rupees.

It was in mid May that Adani Group announced its agreements to buy Holcim's entire stake in India's Ambuja Cements and ACC.

Holcim now said the deal strengthens its balance sheet and enables the company to continue its acquisition strategy, building on recent investments of over 5 billion Swiss francs in Solutions & Products.

Jan Jenisch, Holcim CEO, said, "This divestment is another step in our transformation to become the global leader in innovative and sustainable building solutions, strengthening our balance sheet and giving us the firepower to continue our acquisition strategy."

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