Swiss multinational cement giant LafargeHolcim has increased its stake in Ambuja Cement and ACC by 1.49 per cent and 4.19 per cent, respectively.
"LafargeHolcim announces that its subsidiary Holderind Investments has increased its shareholding in Ambuja Cements Ltd by 39,100,000 shares to 1,253,156,361 shares (63.11 per cent of total Ambuja shares) and in ACC Ltd (ACC), a subsidiary of Ambuja, by 7,870,000 shares to 8,411,000 shares (4.48 per cent of total ACC shares)," according to BSE filings by Ambuja Cements and ACC.
As per data available on the BSE, as on September 30, Holderind Investments Ltd held 61.62 per cent stake in Ambuja Cements and 0.29 per cent stake in ACC Ltd.
It further said: "The purchase price will be paid in INR. The impact on LafargeHolcim's net debt is Swiss Franc CHF 325 million (Rs 2,202 crore). This investment was not included in the Group's net debt objective of around CHF 13 billion at the end of 2016 which should be adjusted accordingly."
LafargeHolcim said India is one of its key markets with very solid long-term fundamentals and a clear potential for further improvement in business performance.
"These share purchases further increase the Group's interest in its two strong companies which constitute a solid platform from which to capture future growth," it added.
In July this year, LafargeHolcim had said it would sell its stake in Lafarge India to Nirma Ltd for an enterprise value of about USD 1.4 billion.
Lafarge India operated three cement plants and two grinding stations with a capacity of about 11 million tonnes a year.
LafargeHolcim continued to operate in India through its subsidiaries ACC and Ambuja Cements, which have a combined cement capacity of more than 60 million tonnes and a distribution network that extends across the country.
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