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Adani seeks to sell stake in Ambuja Cement

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Reuters
Reuters
Reuters is an international news organisation owned by Thomson Reuters

Gautam Adani is seeking to sell a stake in Ambuja Cement for about $450 million, the Financial Times reported on Friday, citing people familiar with the matter.

Adani on Thursday made a formal request to international lenders to sell 4% to 5% in Ambuja, his cement business, the report said.

The Adani Group did not immediately respond to a Reuters request for comment.

The embattled Adani Group last year acquired Holcim cement businesses in India – Ambuja Cements and ACC – for $10.5 billion, its largest-ever acquisition.

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