Swiss cement major Holcim has acquired 14.8 per
cent equity stake in Gujarat Ambuja Cements, for a total consideration of
Rs.2,100 crore ($470 million).
This will be followed by an open offer to
shareholders to acquire another 20 per cent stake, valued at $546 million.
Thus, Holcim will be bringing in foreign
investment of nearly $1 billion to acquire a 35 per cent stake in Gujarat Ambuja
Cements Ltd.
The original promoters (Sekhsarias and Neotias)
will hold 9 per cent equity stake in GACL.
In January 2005, Holcim had spent $800 million in
a multi-layered deal to acquire over 50 per cent holding in Associated Cement
Cos. (Click here
for details.)