Holcim increases stake in Ambuja Cements

Swiss cement maker Holcim has successfully finished the transaction to increase its stake in Ambuja Cements by roughly 13 per cent to around 46 per cent. The move comes as rapid economic growth in India spurs demand for building materials. With cement demand set to rise thanks to big-ticket investments in housing and infrastructure projects, the company now wants to consolidate its India operations by tightening its grip on local affiliate Ambuja Cements. In effect Holcim has increased its shareholding in Ambuja Cements by around 13 per cent in the last four months by pumping in over $780 million for the share buyout.