Adani, JSW groups submit non-binding bids to acquire Ambuja Cements

Holcim intends to close the transaction early

Adani and JSW groups submitted non-binding bids to acquire Ambuja Cements last week. Both groups have tied in their funding with a clutch of private equity (PE) firms and offered timelines to close the transaction at the earliest, said a banker privy to the deal.

Aditya Birla Group’s UltraTech Cement has also entered the race. Closure of the deal, however, is expected to be delayed by UltraTech as approvals from the Competition Commission of India take time. Ambuja Cements’ Swiss promoter Holcim has indicated it wants to close the transaction early.

“The non-binding bids will be judged on