Swiss cement maker Holcim, which had made an open offer to pick up 36.20 per cent shares of ACC, would also buy out the stakeholding of US-based AIG and GIC of Singapore in Ambuja Cement India Limited, according to a joint venture formed between Gujarat Ambuja Cement Limited and the two foreign investors.
Holcim would investment nearly Rs 897 crore (Rs 8.97 billion) in purchasing the AIG/GIC shares in ACIL while the Swiss company would make fresh investments in picking up equity and preference capital in ACIL amounting to Rs 2644 crore (Rs 26.44 billion). Thus total investments by Holcim would amount to Rs 3541 crore (Rs 35.41 billion), sources told PTI.
Currently, GACL holds 60 per cent of shares in ACIL, while the balance 40 per cent was being held by AIG and GIC.
Billed as the largest FDI in the cement sector in India, the structure of ACIL's shareholding would be GACL at 33 per cent and 67 per cent by Holcim, which in turn would hold 50.01 per cent in ACC and 100 per cent in Ambuja Cement Eastern Limited.
At present, ACIL controls 13.80 per cent in ACC and 94.08 per cent in Ambuja Cement Eastern Limited.
GACL effective shareholding in ACC would go up to 16.5 per cent from 8.3 per cent, sources said.
