PARIS: Swiss construction giant LafargeHolcim, the world’s largest cement maker, said it had agreed to sell its Indian operation to Indian cosmetics and detergents manufacturer Nirma for $1.4 billion.
The operation, which remains subject to clearance by India’s Competition Commission, would allow LafargeHolcim “to continue to reduce group debt,” the firm said in a statement.
“This agreement is an important step in our 3.5 billion Swiss francs disinvestment program,” CEO Eric Holsen said.
“With this deal, two thirds of the program has been secured and the remainder of the program is well on track.”
Holsen added that in Nirma, based in Ahmedabad, Gujarat state, “we have found the right partner who will be able to develop the business further in the interest of all our stakeholders.”
The group, forged from last year’s merger of French group Lafarge with Swiss counterpart Holcim, has already offloaded its South Korean operations and signed an agreement to do the same with its Saudi interests.
Unveiling first quarter results down 22 percent in May the Swiss group cited falling prices in India as a key concern.
LafargeHolcim agrees to sell India operation
LafargeHolcim agrees to sell India operation
Emerging markets driving global growth despite rising risks: Saudi finance minister
RIYADH: Emerging markets now account for a growing share of global output and are driving the bulk of world economic expansion, Saudi Arabia’s finance minister said, even as those economies grapple with rising debt and mounting geopolitical risks.
Speaking at the opening of the annual AlUla Conference for Emerging Market Economies on Feb. 8, Mohammed Al-Jadaan said the role of emerging and developing nations in the global economy has more than doubled since 2000, underscoring a structural shift in growth away from advanced economies.
The meeting comes as policymakers in developing markets try to keep growth on track while controlling inflation, managing capital flows and repairing public finances after years of heavy borrowing. Saudi Arabia has positioned the forum as a platform to coordinate policy responses and strengthen the voice of emerging economies in global financial discussions.
“This conference takes place at a moment of profound transition in the global economy. Emerging markets and developing economies now account for nearly 60 percent of the global gross domestic product in purchasing power terms and 70 percent of global growth,” Al-Jadaan said.
He added: “Today, the 10 emerging economies and the G20 alone account for more than half of the world’s growth. Yet, emerging markets face a more complex and fragmented environment, elevated debt levels, slower trade growth and increasing exposure to geopolitical shocks.”
Launched in 2025, the conference this year brings together economic decision-makers, finance ministers, central bank governors, leaders of international financial institutions, and a select group of experts and specialists from around the world.
