Nirma to buy LafargeHolcim's India business for $1.4 billion
LafargeHolcim has agreed to sell its Lafarge India business to Nirma Ltd for an enterprise value of around $1.4 billion, the world's biggest cement maker said.
Zurich: LafargeHolcim has agreed to sell its Lafarge India business to Nirma Ltd for an enterprise value of around $1.4 billion, the world's biggest cement maker said on Monday.
"This agreement is an important step in our 3.5 billion Swiss franc ($3.56 billion) divestment programme," LafargeHolcim Chief Executive Eric Olsen said in a statement.
"With this deal, two-thirds of the programme has been secured and the remainder of the program is well on track. We are confident that we will meet our target by the end of this year."
The deal, the proceeds of which will be used to pay down LafargeHolcim's debt, is subject to approval by the Competition Commission of India.
In a filing to the bourses, Ambuja Cements also said it was not pursuing a merger with ACC at this point of time, though it remains the ultimate goal.
The regulator said that it had taken a prima facie view in an earlier case that DDA was in a dominant position in the relevant market
LafargeHolcim subsidiary Holderind Investments increased its shareholding in Ambuja Cement to 63.11% and in ACC to 4.48%