JSW Group in discussions to raise funds to bid for Holcim's Indian operations

Sajjan Jindal-led JSW Group has initiated discussions with private equity (PE) firm Carlyle to join forces and back its bid for Holcim’s Indian cement operations, said people aware of the matter. 

Holcim Group is reputedly looking to exit India 17 years after its entry, putting its twin listed arms of Ambuja Cements and ACC Ltd up for sale as part of a global strategy to focus on core markets. 

JSW, one of the strong contenders for the acquisition, is busy organising both equity and debt financing for the multi-billion transaction which, as per industry estimates, could cost INR520bn (US$7bn), but may even go as high as INR800bn (US$10.6bn), depending on the success of the likely open offers at the two companies. 

JSW is open to raising as much as INR187.5bn (US$2.5bn) from PE groups as a consortium.