Kumar Mangalam Birla is exploring ways to bid for Holcim Ltd. (SWX:HOLN) Indian cement assets and compete against JSW Group's Sajjan Jindal and Gautam Adani who are already in hot pursuit, said multiple sources aware of the matter. Birla's flagship UltraTech is the leading cement player in the country and any bid will face scrutiny from India's anti-trust watchdog, the Competition Commission of India (CCI). UltraTech's capacity, combined with that of Ambuja Cements Limited (BSE:500425) and ACC Limited (NSEI:ACC), the two listed arms of The Holcim Group in India, will reach dominant market share in some states.

Even so, senior Birla Group officials are believed to have sought legal opinion from at least two law firms and have discussed financing options with multiple global financial institutions and banks to prepare for a bid. However, the names of the law firms could not be independently verified. They are also believed to have also sent feelers to the Holcim brass in Europe about their interest, the sources mentioned above said.

It is not clear yet, if Holcim has formally engaged with the Birlas, as they have with the other two contenders. ET in its April 14, 2022 edition had reported Holcim Group, the world's largest cement maker, is looking to exit the country 17 years after it made a foray by buying into Ambuja Cements as well as 50.01% of ACC. Mails sent to Aditya Birla Management Corporation Private Limited (AV Birla Group) spokesperson on April 23, 2022 evening did not get a response till press time on April 24, 2022.