Leading cement makers, such as Lafarge, CRH and Italcementi, are said to be in the race to buy stake in Andhra Cements (ACL), cement producer arm of the Duncan Goenka group, reports Economic Times.
The deal will include a follow-on 20% open offer for ACL shareholders. It is expected that the acquirer could pay Rs 75 a share, or nearly Rs 9.25bn, for buying the promoters entire 73% stake and for the open offer.
It is learnt that the Duncan Goenka group has appointed Ernst & Young as advisor to the deal. Group chairman GP Goenka as well as Lafarge India officials declined to comment.