Cement industry analysts appeared
divided on Monday on the Grasim Industries Ltd buying the Reliance
Industries Ltd 10 per cent stake in Larsen & Toubro. The
AV Birla group has acquired the stake at Rs 306.60 per share,
a 47 per cent premium over L&T’s last traded price of Rs
208.50.
The AV Birla group has witnessed
hectic M&A activity over the last one year, and Grasim picking
up 10 per cent stake in L&T just about completes the icing
on the cake.
Infocom and energy
sectors are our future businesses is the loud and clear message
that emerges out of Ambanis’ decision to sell Reliance Industries
Ltd’s shareholding in Larsen & Toubro.
The cement industry
has welcomed the coming together of Larsen & Toubro and
Grasim, which they feel will usher in a further round of consolidation
in the industry.
