Adani acquires Holcim's stake in Ambuja Cements and ACC

01 Jun 2022

The Adani Family, through an offshore special purpose vehicle, has announced that it has entered into definitive agreements for the acquisition of Holcim's entire stake in two of India's leading cement companies – Ambuja Cements and ACC.

Holcim, through its subsidiaries, holds 63.19 per cent in Ambuja Cements and 54.53 per cent in ACC. The value for the Holcim stake and open offer consideration for Ambuja Cements and ACC is about $10.5 billion, which makes this the largest ever acquisition by Adani and India's largest-ever M&A transaction in the infra and materials space.

"Our move into the cement business is yet another validation of our belief in our nation's growth story," said Gautam Adani, Chairman, Adani Group. "Not only is India expected to remain one of the world's largest demand-driven economies for several decades, but India also continues to be the world's second-largest cement market and yet has less than half of the global average per capita cement consumption. In statistical comparison, China's cement consumption is over seven times that of India's. When these factors are combined with the several adjacencies of our existing businesses, we believe that we will be able to build a uniquely integrated and differentiated business model and set ourselves up for significant capacity expansion."

"I am delighted that the Adani Group is acquiring our business in India to lead its next era of growth," Jan Jenisch, CEO, Holcim, has said. "Mr Gautam Adani is a highly recognised business leader in India who shares our deep commitment to sustainability, people and communities. I would like to thank our 10,000 Indian colleagues who have played an essential role in the development of our business over the years with their relentless dedication and expertise. I am confident that the Adani Group is the perfect home for them as well as our customers to continue to thrive." 

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