Adani to become India’s second largest cement manufacturer
Adani to buy Holcim’s India assets for $10bn.
Adani to buy Holcim’s assets for $10bn to become India’s second-largest cement manufacturer. On Sunday, the Adani group entered into the agreement to obtain Swiss cement major Holcim’s stake in Ambuja cement including the open offers. It is also clear from the reports that the Adani group is going to spend $3-3.5 billion to buy public shareholders’ shares.
Holcim had a 63.19 percentile share in Ambuja cement and the rest in ACC. The total production is 70 million tonnes per annum, making the Adani group to become second-largest cement manufacturer in India. While UltraTech is still in the first position with the production of 136 million tonnes per annum.
According to a stock exchange filing, it is known that Gautam Adani group has offered Rs 385 per share for Ambuja cement. The chairman of Adani groups, Gautam Adani told that their entry into the cement industry is their belief in nations’ growth.
The Adani Group will acquire @Holcim's stake in @AmbujaCementACL & @ACCLimited. It’ll be India’s largest-ever acquisition in the Infra & Materials space. This also cements our commitment towards #NationBuilding. We are committed to setting the benchmark for Green Cement.
— Adani Group (@AdaniOnline) May 16, 2022