[Translator] What is the origin of the cement company that let Lahau compete with Heidelberg?

Emami Group's subsidiaries are being sold by the parent company to cut debt. LafargeHolcim and Heidelberg Cement have joined the bidding war for Emami Cement. According to The Hindu, LafargeHolcim has submitted a letter of intent through its subsidiary Ambuja Cement. Heidelberg Cement has submitted a bid through Heidelberg Cement India. The estimated value of Emami Cement is approximately $845 million. Nuvoco Vistas, Shree Cement and Dalmia Bharat are also linked to the deal. As early as June 2019, UltraTech Cement, the market leader in India, held talks with the company.

Emami Cement has a 2.5 million tonne integrated plant at Risda in Chhattisgarh and a 2.5 million tonne grinding plant at Panagarh in West Bengal. In September 2018, Emami Cement acquired a 600,000 tpa mill in Bhabua, Bihar. In addition, the company has mining assets near Guntur in Andhra Pradesh and Jaipur in Rajasthan. Its major markets are in West Bengal, Chhattisgarh, Orissa, Jharkhand, Bihar, Maharashtra and Madhya Pradesh. It sells its products under the Twin Bulls brand.

The recent battle for Emami continues to heat up, with media speculation about the value of Emami cement ranging from $800 million to $1.26 billion. The volatility may be related to the company's ongoing upgrades. The Bihar mill is being upgraded to a capacity of 1.8 million tonnes. At various industry conferences in

recent times, India has been described as "promising" in the overall assessment of the global cement market, but the details are very complex. In the energy market in particular, IHS Markit said coal imports were "leading the way" so far in 2019 as US suppliers benefited from orders placed by power plants in the election year. Imports are growing at 7% a year because of industrial demand. They believe that in the long run, unless domestic production increases, India will become the world's largest importer of coal.

The coal market is related to Emami's cement, as some sources quoted in the Indian media point out that Emami Cement does not have any relationship with coal, so it is vulnerable to market fluctuations. This can obviously be part of the negotiations, and from a broader perspective, the source of energy for cement producers is crucial. In this context, energy may determine the final ownership of the $1 billion transaction.