UltraTech enters race to buy Holcim’s stake in Ambuja Cement, ACC

UltraTech Cement of the Aditya Birla group has formally entered the race to acquire Swiss cement giant Holcim's stake in Ambuja Cement and ACC Limited.

Gautam Adani's Adani Group and Sajjan Jindal's JSW Group jumped into the race to gain control that would immediately strengthen their position in the cement market.

On Wednesday, shares of Ambuja Cements in green opened for Rs 360.80 each on the Bombay Stock Exchange (BSE), while the ACC price rose to Rs 2,207 each. The Aditya Birla Group is poised to divest voluntary assets of approximately 15 million tons per year (mtpa) as a solution to meet market share standards.

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