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Genesis Asset Managers reduces stake in Ambuja Cement

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World Cement,

Genesis Asset Managers LLP, a UK-based investment management firm, has reduced its stake in India’s Ambuja Cement with the sale of 3.07 crore shares in open market. The sale, worth Rs.646 crore, brings Genesis’ stake in Ambuja Cement to 3.38%, down from 5.39%.

Elsewhere in India, it was reported earlier this week that Sagar Cements had acquired 100% equity holding in BMM Cements, making the latter a fully-owned subsidiary of Sagar Cements. The acquisition comprises a 1 million tpy cement plant and a 25 MW captive power plant. Sagar Cements operates a mini cement plant in Andhra Pradesh.

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