: Adani Group acquires Ambuja and ACC to become India’s second-largest cement maker #IndiaNEWS Adani Group on Friday became the second-largest cement company in the country after it finalised the acquisition

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Adani Group acquires Ambuja and ACC to become India’s second-largest cement maker #IndiaNEWS
Adani Group on Friday became the second-largest cement company in the country after it finalised the acquisition of Ambuja Cements and ACC Limited.Ultratech Cement is the largest player with a market valuation of over Rs 1.87 lakh crore, according to Mint.On Friday, the Gautam Adani-led group said that it paid .4 billion (over 51,000 crore) in cash to acquire Switzerland-based Holcim’s 63.1% stake in Ambuja Cements and 54.5% holding in ACC Limited.“The Adani Family, through Endeavour Trade and Investment Ltd, a special purpose vehicle, has successfully completed the acquisition of Ambuja Cements Ltd and ACC Ltd,� the Adani Group said in 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 [Securities and Exchange Board of India] regulations.�The acquisition of Ambuja Cements and ACC is the largest acquisition ever by the Adani Group, and India’s largest ever in the infrastructure and materials space.Gautam Adani said that he is confident of becoming the largest and most efficient manufacturer of cement by 2030.“What makes cement an exciting business is a headroom for growth in India, which exceeds that of every other country well beyond 2050,� Adani said...Read more

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