Through an offshore special purpose vehicle (SPV), the Adani Family said that it has come into a definitive agreement to buy Switzerland-based Holcim Limited’s full stake in Ambuja Cements Limited as well as ACC Limited – two of the leading cement companies in India.
In a statement, the Adanis said “The value for the Holcim stake and open offer consideration for Ambuja Cements and ACC is USD 10.5 billion, which makes this the largest ever acquisition by Adani, and India’s largest ever M&A transaction in the infrastructure and materials space.”
After UltraTech Cement of the Aditya Birla Group, Adanis have become the second largest cement player after this deal of buying Ambuja, ACC.
In a statement, the CEO of Holcim, Jan Jenisch said “I am delighted that the Adani Group is acquiring our business in India to lead its next era of growth.”
The group statement of Adani said that the synergies with the integrated Adani infrastructure platform will benefit both Ambuja as well as ACC especially in the category of raw material and renewable power logistics in which the Adani Portfolio companies have huge experience as well as deep expertise, thus enabling higher margins and returns on the capital employed on both companies.
