According to Bloomberg News on Tuesday, billionaire Gautam Adani's conglomerate Adani Group is in talks to buy Holcim's cement business in India in the next days, citing people familiar with the situation.
According to Bloomberg News, Adani may clinch a deal to buy a controlling stake in Ambuja Cements Ltd from Swiss firm Holcim. Ambuja is currently owned by the world's largest cement company, which owns a 63.1 percent share.
Ambuja Cements had a market capitalization of $748.94 billion ($9.78 billion) as of Monday's end.
JSW Group, an Indian metals-to-cement giant, is among the other bids for the assets, according to Bloomberg News.
Holcim is attempting to diversify its business by focusing on building technologies rather than its main industry of cement and aggregates, as it places a greater emphasis on sustainability.
Reuters reached out to Adani, Holcim, and Ambuja for comment, but they did not immediately respond.
The Economic Times reported earlier this month that Holcim may leave India and sell its two publicly traded subsidiaries, Ambuja Cements Ltd and ACC Ltd.