Group subsidiary Holderind Investments increase shareholding in Ambuja Cement and ACC
LafargeHolcim’s subsidiary Holderind Investments Ltd has increased its shareholding in Ambuja Cement Ltd by 39,100,000 shares, to 1,253,156,361 shares (63.11% of total Ambuja shares), and in ACC Ltd, a subsidiary of Ambuja, by 7,870,000 shares to 8,411,000 shares (4.48% of total ACC shares).
The investment, which was not included in LafargeHolcim’s net debt objective of around CHF13 billion at the end of 2016, will have a CHF325 million impact on the Group’s net debt.
A spokesperson for LafargeHolcim said the share purchases would further increase the Group’s interest in two strong companies that constitute a solid platform from which to capture future growth.
India is regarded as one of LafargeHolcim’s key markets with very solid long-term fundamentals and a clear potential for further improvement in business performance.
With their Ambuja and ACC brands, more than 60 million tonnes of cement capacity, an extensive network of more 100,000 dealers and retailers, around CHF3.3 billion in net sales in 2015, and more than 13,000 employees, LafargeHolcim are one of India’s leading building materials companies.