Holcim is looking to raise its stake in India’s Gujarat Ambuja Cements Ltd, the Business Standard newspaper said on Thursday, quoting a Holcim official.
Holcim, which recently raised its holding in Gujarat Ambuja to 18.4 per cent, will continue to increase its stake, the newspaper quoted Holcim director Thomas Schmidheiny as saying.
The Swiss company last month purchased 50 million shares in Gujarat Ambuja in a private placement at 137 rupees ($3.07) a share, to add to its existing holding.
In January, Holcim bought a 14.8 percent stake in Gujarat Ambuja for $1bn as part of its strategy to strengthen its foothold in the fast-growing market.
Founded 25 years ago, Gujarat Ambuja is India’s third-biggest cement maker with capacity of 13Mta.