Gujarat Ambuja Cements (GACL) could make a lot of money if it ever chooses to sell its 33 per cent stake in Ambuja Cement India (ACIL), the holding company which owns a 13.3 per cent stake in ACC and a 94 per cent stake in Ambuja Eastern Cement. GACL’s 33 per cent stake is valued at just over $300m, according to industry sources. This would mean that ACIL is valued at $900m.
When contacted by ET, GACL’s executive director, Anil Singhvi, confirmed the $300m figure, but said Ambuja had no intention of exercising its put option n the near future. GACL can exercise the put option for its 33% stake anytime after June ’05. Holcim, which has a 67 per cent stake in ACIL, has a call option after January ’08.
