NCLT Approves Adani Cementation Merger with Ambuja Cements

22 Jul 2025 CW Team

This consolidation includes project sites, licences, and ongoing developments, all of which will now be managed directly by Ambuja.

As part of the merger, Adani Enterprises will receive 8.7 million equity shares of Ambuja Cements, reflecting the share swap agreed in the group’s internal restructuring announced in June last year.

The tribunal confirmed that no further agreements or approvals are necessary to complete the transfer, with all existing rights and obligations of Adani Cementation automatically transferring to Ambuja.

Ambuja must comply with regulations set by market regulator SEBI and relevant stock exchanges including BSE, NSE, and the Luxembourg Stock Exchange, where its global depository receipts are listed.

Company officials noted the merger will reduce duplicate processes and improve coordination across business units, granting Ambuja access to additional resources without further regulatory hurdles.

A key advantage is Ambuja’s ability to begin work immediately at Adani Cementation’s existing project sites. These include large limestone reserves in Lakhpat, Gujarat, estimated at 275 million tonnes, and a planned cement facility at Raigad, Maharashtra.

Ambuja Cements has been expanding rapidly, crossing 100 million tonnes of production capacity last financial year. The company targets growth to 118 million tonnes by FY26 and 140 million tonnes by FY28, mostly through brownfield projects.

The Adani Group entered the cement sector in 2022 by acquiring Holcim’s stakes in Ambuja and ACC for Rs 532 billion (6.4 billion dollars). Since then, Ambuja has acquired regional players such as Penna Cement, Sanghi Industries, and most recently Orient Cement.

With these expansions, Adani has become India’s second-largest cement manufacturer. UltraTech Cement, part of the Aditya Birla Group, remains the market leader with a total capacity exceeding 192 million tonnes.

The National Company Law Tribunal (NCLT) has approved the merger of Adani Cementation into Ambuja Cements, clearing the way for the Adani Group to streamline its cement operations under a single entity. The Ahmedabad bench passed the order on 18 July, allowing Ambuja Cements to absorb all assets, operations, and liabilities of Adani Cementation effective from 1 April 2024.This consolidation includes project sites, licences, and ongoing developments, all of which will now be managed directly by Ambuja.As part of the merger, Adani Enterprises will receive 8.7 million equity shares of Ambuja Cements, reflecting the share swap agreed in the group’s internal restructuring announced in June last year.The tribunal confirmed that no further agreements or approvals are necessary to complete the transfer, with all existing rights and obligations of Adani Cementation automatically transferring to Ambuja.Ambuja must comply with regulations set by market regulator SEBI and relevant stock exchanges including BSE, NSE, and the Luxembourg Stock Exchange, where its global depository receipts are listed.Company officials noted the merger will reduce duplicate processes and improve coordination across business units, granting Ambuja access to additional resources without further regulatory hurdles.A key advantage is Ambuja’s ability to begin work immediately at Adani Cementation’s existing project sites. These include large limestone reserves in Lakhpat, Gujarat, estimated at 275 million tonnes, and a planned cement facility at Raigad, Maharashtra.Ambuja Cements has been expanding rapidly, crossing 100 million tonnes of production capacity last financial year. The company targets growth to 118 million tonnes by FY26 and 140 million tonnes by FY28, mostly through brownfield projects.The Adani Group entered the cement sector in 2022 by acquiring Holcim’s stakes in Ambuja and ACC for Rs 532 billion (6.4 billion dollars). Since then, Ambuja has acquired regional players such as Penna Cement, Sanghi Industries, and most recently Orient Cement.With these expansions, Adani has become India’s second-largest cement manufacturer. UltraTech Cement, part of the Aditya Birla Group, remains the market leader with a total capacity exceeding 192 million tonnes.

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