CCI approves acquisition of Ambuja Cements, ACC by Adani Group. Details here

The proposed combination involves acquisition of 100 per cent stake in Holderind Investments Ltd by Endeavour Trade and Investment Ltd, according to news agency PTI report. While Endeavour Trade and Investment Ltd is a Mauritius-based company and belongs to the Adani Group, Holderind Investments is held by Holderfin BV and belongs to the Switzerland-based Holcim group and is a holding company of cement manufacturers Ambuja Cements and ACC Ltd. Holderind Investments owned 63.11 per cent stake in Ambuja Cements and 4.48 per cent stake in ACC and further, Ambuja held 50.05 per cent stake in ACC.

Earlier this year, in May, Adani Group announced a deal to acquire a controlling stake in Holcim Ltd’s businesses in India, Ambuja Ltd and ACC Ltd, along with it, Adani Group had made an open offer to both the companies’ public shareholders to acquire 26 per cent stake each in the firm, the report said. Additionally, the regulator approved Endeavour’s open offer for further acquisition of stake purchase of up to 26 per cent stake each in Ambuja Cements and ACC, the report added.

Meanwhile, just last month, Neeraj Akhoury, CEO, Holcim India and Managing Director and Chief Executive Officer, Ambuja Cements Limited said “Ambuja has recorded robust volume growth of 15 per cent and top-line growth of 18 per cent. Ambuja Kawach, our green cement, demonstrated a growth of 22 per cent year on year. The April to June 2022 quarter was impacted by rising fuel prices and related inflationary impacts. This was partly mitigated by improved efficiencies delivered under our ‘I CAN’ program which continues to deliver strong results. 

In addition, the Master Supply Agreement with ACC also led to strong performance on logistics costs. Our expansion projects of 8.5 million tonnes of cement capacity at Ropar and Bhatapara are on track, he said.

(With inputs from ANI, PTI)

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