UltraTech to not bid for Lafarge/Holcim assets

UltraTech has pulled out of the race to buy cement assets up for sale as Lafarge and Holcim’s proposed merger, the Indian cement major confirmed to local press.

 An UltraTech spokesperson told ET Now that the company has not participated in the final round of bidding.

The company had reportedly previously expressed an interest in buying assets in Brazil and Philippines and had placed a bid in the first round. The due diligence process had been conducted for assets worth around US$2bn but the company has since decided to withdraw from the final stages of bidding.