India''s infrastructure story is gaining strength and Holcim wants to build a stronger foundation.After posting a three-fold rise in profits for the first half of the year, the Swiss building materials giant is pumping in big money to take complete control of one of its Indian affiliates-Ambuja Cements.
Holcim, which owns 32.3 per cent in Ambuja said on Thursday that it is buying 3.9 per cent from its erstwhile promoters at Rs 154 per share. It will be followed by an open offer for an additional 20 per cent.
The open offer has been priced at 18 per cent premium over Ambuja Cement''s closing price on Wednesday. If fully subscribed the offer will cost Holcim $1.3 billion and increase its stake in Ambuja to over 56 per cent.
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