Swiss giant Holcim plans to increase its stake in Ambuja Cements to over 51% as sky-high growth rates, soaring prices and demand in the world’s second-largest cement market make consolidation a business imperative.
The move values Ambuja, which has a capacity of about 16 million tonnes, at about Rs 23,433 crore or about $350 per tonne of cement. In contrast, rival Ultratech, with a 13 million tonne capacity, is valued at about $160 per tonne. Ambuja shares climbed 1.72% to Rs 132.75 on Thursday. The shares have risen 4.61% over the past week but have fallen 1.81% over the month.
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