JSW Group has revealed plans to submit a US$7bn bid for a controlling stake in Holcim’s India assets. Holcim currently holds a 63.1 per cent share in Ambuja Cements and a 4.48 per cent share in ACC, with Ambuja controlling a 50.05 per cent stake in ACC. Speaking to Financial Times, Sajjan Jindal, chairman and managing director of JSW Group, said that the company would fund US$4.5bn of the bid while private equity players would provide the remaining US$2.5bn.  

JSW Group currently has a production capacity of 18Mta. With the addition of Ambuja Cement (31.45Mta capacity) and ACC (34.45Mta), JSW would become the second-largest cement manufacturer in India.  

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According to market sources, the Adani Group is also vying for the Holcim assets and has reportedly submitted a bid of US$10bn. Adani is understood to be in discussions with a number of global lenders and domestic banks regarding funding. ArcelorMittal is also said to be interested.