JSW Holdings Limited (BSE:532642) and Adani Enterprises Limited (BSE:512599) are among the other bidders and have quoted $7-10 billion for the acquisition. The race for Holcim Ltd. (SWX:HOLN)' stake in Ambuja Cements Limited (BSE:500425) and ACC Limited (NSEI:ACC) combined has intensified with ArcelorMittal S.A. (ENXTAM:MT) showing interest to acquire the asset valued at over $10 billion. On the other hand, Holcim can extract a premium from the new entrants into cement business as it will directly make it the second largest producer in India with pan-India presence.

Switzerland-headquartered Holcim has been selling off its non-core assets and divested its Brazilian unit for $1 billion in September. It has also put the Zimbabwe business on the block.