Apollo Global Management (AGM), which owns a minority stake in JSW Cement, is planning to offer up to $1 billion to the Sajjan Jindal-led JSW group to make a bid for Ambuja Cements, media reported.

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The Jindal family, which is in talks with several private equity firms for financing the transaction, is likely to pledge part of its 45 per cent stake in group flagship JSW Steel to raise funds for the acquisition, the sources said. The steel company was valued at Rs 1.75 trillion on the Indian stock market. Also, Jindals own 75 per cent of JSW.