Gautam Adani becomes Ambuja Cements and ACC, Swiss company Holcim wraps up its business

Adani Group has completed the acquisition of Ambuja Cements and ACC Limited. It has become the second largest cement company in the country. The Adani family has completed the transaction with Swiss firm Holcim through Endeavor Trade and Investment Ltd., a statement said.

The deal also included acquisition of Holcim's stake in Ambuja and ACC through an open offer as per SEBI norms. Holcim's stake and open offer for Ambuja Cements and ACC is valued at USD 6.50 billion, the largest acquisition to date by the Adani Group, said a statement issued by the Adani Group.

After the acquisition, Adani will have 63.15 per cent stake in Ambuja Cements and 56.69 per cent in ACC. In May this year, the Adani Group announced that it had entered into a deal to acquire a stake in Holcim Ltd's business in India. At present, the combined production capacity of Ambuja Cements and ACC is 67.5 MTPA. Both the companies are amongst the strongest cement brands in India. The company has 14 Integrated Units, 16 Crusher Units, 79 Mixed Concrete Plants. Aditya Birla Group firm UltraTech is a leader in the cement business with an installed capacity of over 100 MTPA.

The Swiss company Holcim has pulled out of the deal, including its business in India. The transaction strengthens Holcim's balance sheet and enables the company to continue its acquisition strategy, the company said in a statement.