Holcim Ltd., the largest cement maker in the world, is considering the potential for business sales in India including Ambuja Cemension Ltd., according to people who are familiar with this problem.

Swiss giants measure interest in controlling stocks in Ambuja, said people, asking not to be identified as personal information. Holcim controls 63.1% of Ambuja, which has a market value of around $ 9.6 billion.

Considerations are in the early stages and may not lead to transactions, said people. Ambuja shares have risen more than 20% this month, partly driven by market speculation about potential merges.

Representatives for Holcim refused to comment, while a spokesperson could not be contacted immediately for comments outside of regular working hours in Mumbai.

Holcim has sold non-core assets to reduce debt and diversify through acquisition. It releases the Brazilian unit for $ 1 billion in September and also plans to sell its business in Zimbabwe.

Meanwhile, the company agreed to buy Malarkey roof products in December and Firestone building products at the beginning of 2021, such as the chief executive Jan Typech added a new construction business outside of traditional cement.

Established in 1983, Ambuja has a cement capacity of 31 million metric tons, and has six integrated manufacturing plants and eight cement milling units in India, the website shows. Subsidiaries include ACC Ltd, which is also publicly traded.