The Financial Times reported on Tuesday that Indian metals-to-cement conglomerate JSW Group will make a $7 billion bid for Holcim AG's Indian subsidiaries Ambuja Cements Ltd. and ACC Ltd., the Financial Times reported.
The company will offer $4.5 billion in its own equity and $2.5 billion from undisclosed private equity partners for the bid, JSW Group Chairman Sajjan Jindal told the newspaper, adding that it will acquire a 63% stake in Ambuja Cements.
The move comes as Switzerland's Holcim tries to diversify away from its core business of cement and aggregates to focus more on building technology amid increased emphasis on sustainability.
Bloomberg News reported last month that Indian billionaire Gautam Adani's conglomerate Adani Group was also in talks to buy Ambuja from Holcim.
JSW Group, Holcim, Ambuja Cements, and ACC did not immediately respond to Reuters' requests for comment outside business hours.