Holcim forges US$10.5bil deal with Asia’s richest man

FILE PHOTO: Indian billionaire Gautam Adani speaks during an interview with Reuters at his office in the western Indian city of Ahmedabad April 2, 2014. REUTERS/Amit Dave/File Photo

ZURICH: Swiss building-materials firm Holcim Ltd agreed to sell its Indian operations to local billionaire Gautam Adani (pic), currently the richest person in Asia, another step in chief executive officer Jan Jenisch’s pivot away from traditional cement.

The company will sell its 63% stake in Mumbai-listed Ambuja Cements Ltd to Adani Group, it said in a statement. Adani said it plans to spend about US$10.5bil (RM46bil) on the stake purchases and open offer consideration for Ambuja and related entities.