Swiss cement maker Holcim Ltd. (HOLN.VX) has been linked to a bid to buy three Indian cement plants from Jaiprakash Associates Ltd. (532532.BY) in a deal worth up to $1.6 billion, The Economic Times reported Friday.
Officials from Lafarge SA (LG.FR) and AV Birla Group, India's biggest cement producer, have also held preliminary talks and are expected to bid for the plants in Gujarat and Andhra Pradesh, the paper said.
The Indian company has decided to spin off the assets into a separate company called Jaypee Cement to attract buyers.
Bids are expected shortly for the three factories, which have an annual capacity of 9.8 million tons, the paper said, citing two senior executives with knowledge of the matter.
A spokesman for Holcim declined to comment on the report. Lafarge wasn't immediately available for comment.
Newspaper website: www.economictimes.indiatimes.com
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