Are we set for a tidal wave in construction?
Holcim’s divestment of its pre-eminent position as the second largest cement manufacturer in India with brand Ambuja and brand ACC was sold in a matter of days despite the prized tag of over $ 10 billion. Not only did the deal close within days, the open offers it triggered were also rolled out in quick succession, making the total investment for the winning bidder, the Adani Group, $ 10.5 billion, plus another $ 3.5 billion towards the acquisition of shares through the open offer. The private sector, which has remained shy during the past eight years, is seen to have made a beeline for this acquisition with JSW Group and Aditya Birla Group stitching solutions for finances and beating policy hurdles respectively.
This is one of the biggest deals in the history of building materials in India. The Adani Group has been particularly proactive, snapping up airports, roads, ports, logistics, green energy and now cement too. In December, Adani Enterprises won contracts from the Uttar Pradesh government to build three stretches of the 594-km Ganga Expressway. The fourth section was awarded to IRB Infrastructure, where Adani’s share of work is 80 per cent of the total project. Now, Adani is in talks to raise Rs 120 billion from SBI towards this massive project. Its capex plan for the next two years includes $ 4.2 billion for airports and $ 2.2 billion for roads alone. The group’s roads portfolio comprises 14 projects with over 5,000 lane km with asset value exceeding Rs 41,000 crore spread across India.
Meanwhile, it is heartening to see the Finance Minister proactively moving in with…Ganga Expressway
Holcim
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