The Gujarat-based conglomerate's Chief Financial Officer, Rajendra Joshipara told CNBC-TV18 that the group is happy with the acquisition of Lafarge India's assets and is not on the prowl for more.
"The Rs 4,000-crore five-year bond sale by Nirma offers a yield of 8.68 percent was oversubscribed 1.5 times. This is the largest rupee bond sale for a leveraged acquisition as also the largest AA-rated debt instrument," investment banking sources told PTI here.
French cement maker Lafarge, which is reportedly scouting for buyers for its India business, has faced a fresh hurdle: merger control regulations have disallowed to sell its assets to Indian companies and Lafarge will likely have to look for buyers globally.
"Martin Kriegner, currently Area Manager, Central Europe, will be appointed Head of India, effective March 1, 2016. He will report to Eric Olsen, Group CEO, and succeed Bernard Terver who has decided to retire," LafargeHolcim said in a statement.
Birla Corporation said in a BSE filing said "it has agreed to a transaction with Lafarge India Private Ltd, whereby Birla Corp, either directly or through its wholly-owned subsidiary, shall acquire both the Jojobera and Sonadih cement businesses (Acquisition business) from Lafarge India for an Enterprise Value of Rs 5,000 crore".
According to Jaspreet Singh of Systematix Shares acquisition of these cement units would increase the company‘s capacity 50 percent from the current 10 mtpa.
The Competition Appellate Tribunal started hearings on the plea of 11 cement companies seeking stay on Rs 6,307 crore penalty imposed by fair trade regulator CCI on the grounds of cartelisation.
Eleven cement makers whom the fair trade regulator CCI has found guilty of adopting anti-competitive practices, today approached Competition Appellate Tribunal (COMPAT) challenging its July 30 findings.
Competition Appellate Tribunal (COMPAT) today asked fair trade regulator CCI to give fresh copies of its order levying over Rs 6,300 crore in penalties on 11 cement companies for cartelisation, providing them with complete details on production, pricing and sales.
Jaiprakash Associates, which has been indicted by competition watchdog CCI along with 10 other cement makers for forming price cartel, today said such allegations are far from reality, as market forces determine the price of the construction material.
Holcim, which has a controlling stake in ACC and Ambuja Cements, today said it would challenge the order of competition watchdog CCI which imposed penalty for forming price cartel.
French cement maker Lafarge is banking on its innovation to stay ahead in all segments of the market
French cement major Lafarge today said it would consider mergers and acquisitions among other options to boost its share in the market.