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Business News›Industry›Ind'l Goods/Svs›Cement›Kumar Mangalam Birla may have
missed out on Holcim deal but he isn't ruing it




KUMAR MANGALAM BIRLA MAY HAVE MISSED OUT ON HOLCIM DEAL BUT HE ISN'T RUING IT

SECTIONS
Kumar Mangalam Birla may have missed out on Holcim deal but he isn't ruing it
By
Riya Paliwal

, ET OnlineLast Updated: May 26, 2022, 01:28 PM IST
Synopsis


“IT WOULD HAVE BEEN NICE TO HAVE, BUT YOU KNOW, AT A (REASONABLE) PRICE. I THINK
THAT IF YOU HAVE OTHER OPTIONS WHERE YOU CAN BUILD ASSETS AT MUCH LOWER COSTS,
THAT OBVIOUSLY WOULD BE A PREFERRED BET,” BIRLA TOLD CNBC.

Agencies
Aditya Birla Group chairman, Kumar Mangalam Birla, opened up on missing out on
the Holcim deal but underlined that the largest cement maker,
Ultratech
NSE 0.86 %, isn't short of options to grow.

"If you have other options where you can build assets at a much lower cost that
obviously would be a preferred bet," Birla said in an interview to CNBC TV 18 at
Davos.

Birla said that the valuation for the Holcim deal was too steep at $10 billion
and growing on its own seems to be a more economical option.



“It would have been nice to have, but you know, at a (reasonable) price. I think
that if you have other options where you can build assets at much lower costs,
that obviously would be a preferred bet,” Birla told CNBC.

Gautam Adani won the fight to buy Swiss cement giant Holcim's interest in
Ambuja Cements
NSE 0.23 % and ACC with a decisive win.

On the CCI challenge to the deal had Ultratech managed to acquire it, Birla
said, "There was a problem with CCI, but it is something that we understand
well, and could have submitted a plan to push this scheme through."

"We would have had to sell assets, if I remember it right, but I think
essentially, it boiled down to the price.”

The Adani Group is acquiring the two companies for $10.5 billion. Holcim's stake
in the deal is worth $6.4 billion in net proceeds.

Ultratech is the current market leader in the cement business. Cement expert,
Sanjay Ladiwala, feels that it would be tough to beat Ultratech in the cement
business.

“At the same time, I do not think UltraTech is going to take it lying down. They
also have plans and they have consistent plans. In the past, they have
consistently grown over the years and that whole trend continues. So I do not
think they are going to take it lying down. Henceforth, we will see quite a lot
of competition amongst the two, but it is going to take quite some. I do not see
it happening in five years,” Ladiwala told ET NOW.






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