Nirma bags LafargeHolcim cement assets for $1.4 billion
Ahmedabad's detergent maker Nirma Limited has agreed to buy Lafarge India's 11 million tonnes per annum (mtpa) cement assets for Rs 9,300 crore ($1.4 billion). The company said that, ''LafargeHolcim has entered into an "agreement with Nirma Limited subject to approval by the Competition Commission of India for the divestment of its interest in Lafarge India for an enterprise value of approximately $1.4 billion.''
LafargeHolcim: a new leader in the building materials industry
LafargeHolcim is the largest manufacturer of building materials including cement, aggregates and concrete in the world, with a presence in 90 countries and 115,000 employees. The company was incorporated by the merger in July 2015 of cement companies Holcim and Lafarge. It is based in Switzerland but its central functions remain divided between Zurich and Paris.
LafargeHolcim gets approval from CCI for India divestment plan
LafargeHolcim gets a nod from Competition Commission of India's (CCI) for a new divestment plan for its India business including three cement plants and two grinding stations. LafargeHolcim CEO Eric Olsen said that, "We will operate in India through our subsidiaries ACC Ltd and Ambuja Cements Ltd with a combined cement capacity of around 63 million tonnes."
Nirma:one of the most recognizable Indian brands
Nirma was incorporated on 25 February 1980, as Private Limited Company with the business of manufacturing and selling Synthetic Detergents, Soaps, Chemicals and Allied Products under Shri Karsanbhai K. Patel. Nirma today has about 14,000 employee-base and annual turnover of more than Rs.2500 crores. Nirma sells its products across 6 continents with over 12 manufacturing facilities in India and the US.
Final contenders to buy Lafarge India
Ajay Piramal Group, Nirma and Sajjan Jindal-led JSW Cement got shortlisted for the sale of Lafarge India assets. According to the sources, the initial round of bids came out with the participation from a number of financial and strategic players including the Blackstone Group and Irish cement maker CRH Group. Plants of Lafarge India are located in West Bengal, Jharkhand, Chhattisgarh, Haryana and Rajasthan.
Capacity of Lafarge India
Lafarge India operates 3 plants and two grinding stations with a total capacity of around 11 million tonnes per annum (MTPA). It also markets aggregates and manufacturers ready-mix concrete.