LafargeHolcim, the largest cement producer in the world, has raised its holding in its two flagship local companies, ACC Ltd and Ambuja Cements Ltd, for around Rs 2,149 crore ($320 million).
India’s second-largest cement producer picked up a 4.2 per cent additional stake in ACC for Rs 1,209 crore and around 2 per cent in Ambuja Cements for Rs 940 crore.
LafargeHolcim held a 61.62 per cent stake in Ambuja Cements as on 30th September, which will now go up 63.62 per cent. The company held a 0.29 per cent stake directly in ACC, which will go up to 4.5 per cent. Ambuja Cements owns a 50.05 per cent. Due to the current deal, LafargeHolcim’s direct and indirect holding in ACC rises from (approximately) 31.1 per cent to 36.3 per cent.