The Adani family on Friday said it has completed the acquisition of Ambuja Cements & ACC Ltd and has become country’s second largest cement player.
Adani family, through their special purpose vehicle Endeavour Trade and Investment Ltd, completed the acquisition after completing the transaction with Swiss firm Holcim and an open offer, said a statement.
“The transaction involved the acquisition of Holcim’s stake in Ambuja and ACC along with an open offer in both entities as per SEBI Regulations,” it said.
Post the transaction, Adani will hold 63.15 per cent stake in Ambuja Cements and 56.69 per cent in ACC (of which 50.05 per cent is held through Ambuja Cements).
Gautam Adani said: “What makes cement an exciting business is the headroom for growth in India, which exceeds that of every other country well beyond 2050.”
In May this year, the Adani Group announced that it has clinched a deal to acquire a controlling stake in Holcim Ltd’s businesses in India.
Currently, Ambuja Cements and ACC have a combined installed production capacity of 67.5 MTPA.
The two companies are among the strongest brands in India with immense depth of manufacturing and supply chain infrastructure, represented by their 14 integrated units, 16 grinding units, 79 ready-mix concrete plants and over 78,000 channel partners across India.
“The Board of Ambuja Cements approved an infusion of INR 20,000 cr into Ambuja by way of preferential allotment of warrants. This will equip Ambuja to capture the growth in the market,” it said.
Aditya Birla group firm UltraTech leads the cement sector with an installed capacity over 100 MTPA.