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JSW Cement, Blackstone Bid for LafargeHolcim Assets: Report

Private equity giant Blackstone and Sajjan Jindal-led JSW Cement were among the bidders for LafargeHolcim's Indian cement assets worth Rs 10,000 crore.
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JSW Cement, Blackstone Bid for LafargeHolcim Assets: Report
New Delhi: Private equity giant Blackstone and Sajjan Jindal-led JSW Cement were among the bidders for LafargeHolcim's Indian cement assets worth Rs 10,000 crore.

"JSW Cement, Blackstone and Ramco Cements have submitted bids to acquire LafargeHolcim's 11 MTPA cement capacity, which is worth around Rs 10,000 crore. The bidders are looking for partners to acquire the cement assets," sources said.

Ireland-based building material group CRH Plc has also shown "strong interest" in acquiring LafargeHolcim's Indian assets, they said, but did not elaborate whether the group has submitted a bid for it.

In February, Swiss cement giant LafargeHolcim said it had received fair trade regulator CCI's approval for a new divestment plan for its India business.

LafargeHolcim is selling its three cement plants and two grinding stations with a capacity of 11 MTPA. It comprises of an integrated cement unit at Sonadih (Chhattisgarh), a cement grinding unit at Jojobera (Jharkhand).

When contacted, a JSW Cement spokesperson said: "We do not wish to comment on market speculation."

Blackstone, CRH Plc and Ramco Cements did not offer any comments.

In August last year, LafargeHolcim and Birla Corp had signed an agreement through which Birla Corp was to acquire Jojobera and Sonadih cement plants for Rs 5,000 crore.

However, in February 2016, the flagship firm of the M P Birla Group said it will take legal action against Lafarge over the firms' "inability" to go ahead with the deal to sell its Jojobera and Sonadih cement plants.

Birla Corp was to acquire Lafarge's cement business, which comprises of an integrated cement unit at Sonadih, a cement grinding unit at Jojobera, along with Concreto and PSC brands.

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