New Delhi: JSW Group will make a $7-billion offer for bidding of Holcim AG’s Indian subsidiaries, Ambuja Cements and ACC, quoting Financial Times news agency Reuters reported on Tuesday.


According to the report, the Indian conglomerate will offer $4.5 billion in equity and $2.5 billion from undisclosed private equity (PE) partners for the bid, JSW Group Chairman Sajjan Jindal said, while adding that the company will acquire 63 per cent stake in Ambuja Cements.


The development comes as Switzerland’s Holcim seeks to diversify away from its core business of cement and aggregates to focus more on building technology amid increased emphasis on sustainability.


According to the report, billionaire Gautam Adani’s conglomerate Adani Group was also in talks to buy Ambuja from Holcim.


The world’s biggest cement maker, Holcim Ltd, is all set to take the exit route in India, 17 years after it enter the Indian market.


Holcim has control of 63.1 per cent in Ambuja, which has a market value of about $9.6 billion.


However, JSW Group, Holcim, Ambuja Cements, and ACC did not immediately respond to Reuters' requests for comment.


Holcim is set to announce the name of the winner before May 15 and the entire transaction, including the open offers, will be completed by March next year.


According to news reports, bankers said that rising rates around the world after the US Fed hike will impact the offers as interest rates offered by private equity funds for the deal are as high as 13 per cent.