Adani Group To Acquire Holcim’s India Business In $10.5 Billion Deal
Indian billionaire Gautam Adani’s company is acquiring Swiss building materials manufacturer Holcim Group’s Indian arm in a $10.5 billion deal.
Adani Group will acquire a 63.11% stake in Holcim’s Indian arm Ambuja Cement, which owns a 50.05% interest and 4.48% direct stake in ACC Limited, also a subsidiary of Holcim. Both Ambuja cement and ACC are Indian cement producing companies headquartered in Mumbai.
The deal is expected to close in the second half of 2022, subject to approval by local authorities, and would make Adani India’s second-biggest cement producer.
Ambuja cement and ACC’s combined footprint includes 31 cement manufacturing sites and 78 ready-mix concrete plants with 10,700 employees across India, according to a joint statement.
“We recognize that Ambuja and ACC operations are energy intensive and therefore when combined with our renewable power generation capabilities we gain a big head start in the decarbonization journey that is a must for Indian industry," Gautam Adani, founder and chairman of Adani Group, said in the statement.
Adani has a fortune of more than $103 billion, according to Forbes’ Real Time Billionaires List, making him the world’s sixth-richest person. He was also the third-biggest gainer on the Billionaires List last year.
Read More at https://www.forbes.com/sites/simranvaswani/2022/05/16/adani-group-to-acquire-holcims-india-business-in-105-billion-deal