Indian steel, energy, and cement conglomerate JSW Group will make a $7bn bid for Swiss-based global cement maker Holcim AG’s Indian units, namely, Ambuja Cements Ltd and ACC Ltd through a share acquisition. JSW will offer $4.5bn in its own equity and source the balance $2.5bn from its private equity partners. The company is looking to acquire 63% in Ambuja Cements. This deal can increase JSW cement market share from 3% to 16% in India, analysts note. As per reports Adani Group is also in the race and looking at a Dubai-based group as the main buyout entity, staying in talks with Gulf investors such as IHC (International Holding Company) for the deal. Another significant Indian cement company UltraTech Cement is also weighing its option to join as a contender. Holcim is looking to focus on building technology and non-polluting businesses with an emphasis on sustainability. The company also seeks to divest international assets to reduce debt and diversify from the cement business.

JSW’s dollar bonds were trading slightly lower, with its 4.125% 2031s down over 0.28 points to 85.81 yielding 6.20%.

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