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NirmaBSE 0.06 %, among the world's largest soda ash manufacturer but a small, regional cement player in the country trumped far bigger rivals Ajay Piramal and Sajjan Jindal led JSW Cement to bag Lafarge's 11 million tonnes per annum (MTPA) India portfolio, one of the most prized in the country. 

 

LafargeHolcim on Monday announced it has entered into a letter agreement with Nirma LimitedBSE 0.06 % subject to approval by the Competition Commission of India (CCI) for the divestment of  .. 

 

"This agreement is an important step in our CHF 3.5 billion divestment program. With this deal, two thirds of the program has been secured and the remainder of the program is well on track. We are confident that we will meet our target by the end of this year. With the proposed buyer we have found the right partner who will be able to develop the business further in the interest of all our stakeholders," said Eric Olsen, CEO. 

 

LafargeHolcim will continue to operate in India through its subsidiaries ACC LtdBSE 0.00 %. and Ambuja Cements LtdBSE 0.17 %. with a combined cement capacity of more than 60 million tonnes and a distribution network that extends across the entire country. 

 

Earlier this February, LafargeHolcim had agreed to sell its entire 11 million tonnes per annum India operations after regulatory hurdle over transfer of mines came in between its earlier plans to divest just two of its assets to Birla Corp for Rs 5000 crore. Exiting the entire business was alternate remedy for the merger of LafargeHolcim's legacy Indian operations. Citi and Arpwood are its advisors. 

 

Source: Economic Times