Swiss cement maker Holcim said on Wednesday, 24 July it would increase its stake in Ambuja Cements Ltd as part of a restructuring of its operations in India.
Holcim will increase its shareholding in Ambuja to 61.39 per cent from its current stake of just over 50 per cent, the Zurich-based firm said in a statement.
Ambuja will in turn acquire Holcim's 50.01 per cent stake in ACC Ltd. Both Ambuja and ACC will continue to operate as separate entities.
"The transaction is expected to be neutral on Holcim's earnings per share in the first full year following the completion of the transaction and accretive thereafter", said Chief Executive Bernard Fontana.