Gujarat Ambuja Cement Limited (GACL), which has entered into a strategic alliance with Swiss cement major Holcim, described as ‘speculative’ the overseas firm’s plan to acquire stake in the Indian company.
When asked whether Holcim, which has already entered into a strategic alliance with GACL, was keen to pick up stake in the company, sources in GACL told PTI from Mumbai "it is entirely speculative in nature".
The GACL source said that the strategic alliance had been forged to form a long-term partnership in the growing cement market in the country.
Through private equity investors Asian Infrastructure Ganesha Cement Holding Inc., Indivest Pte Ltd, and Knight Investments Limited, Holcim has acquired 40 per cent shareholding in Ambuja Cement India Limited (ACIL), the holding company.
Post share subscription by Holcim, the Swiss firm would control 67 per cent in ACIL and the remaining 33 per cent by GACL.
With ACIL providing the platform for the strategic alliance, Holcim through ACIL had announced to make an open offer to acquire minority shareholding in ACC, where the holding company was having 13.8 per cent stakeholding.