No capital gains tax on Ambuja, ACC sale to Adani Group: Holcim CEO

India-Mauritius treaty allows tax exemption on such agreement, says Swiss company's CEO.

Cement major Holcim’s agreement to sell its India business to the Adani family will not attract the South Asian nation’s capital gains tax, said Jan Jenisch, the chief executive officer of the Swiss company, in an analyst call on Monday.

Mauritius-based Holderind Investments sold its 63 per cent stake to a Mauritius-based offshore purpose vehicle owned by the Adani family. Holderind Investments, in turn, is owned by a Dutch entity. “Our analysis comes to the conclusion that there’s no capital tax gain, or any other tax to be paid for this transaction," said Jenisch.

Tax experts said that as Holcim's