Adani Acquires Holcim India's stake in Cement Companies

The Adani Family stated that it had entered into definitive agreements to buy Holcim Ltd's full investment in two of India's top cement companies, Ambuja Cements Ltd and ACC Ltd, through an offshore special purpose company. Holcim owns 63.19 percent of Ambuja Cements and 54.53 percent of ACC through its subsidiaries (of which 50.05 percent is held through Ambuja Cements).

The total value of the Holcim stake and open offer consideration for Ambuja Cements and ACC is $10.5 billion, making this Adani's largest acquisition to date and India's largest infrastructure and materials M&A transaction.

After the deal, Gautam Adani said, "Our move into the cement business is yet another validation of our belief in our nation's growth story. Not only is India expected to remain one of the world's largest demand-driven economies for several decades, 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 7x that of India’s. When these factors are combined with the several adjacencies of our existing businesses that include the Adani Group's ports and logistics business, energy business, and real estate business, we believe that we will be able to build a uniquely integrated and differentiated business model and set ourselves up for significant capacity expansion.”