Adani completes acquisition of Ambuja Cements and ACC

Currently, Ambuja Cements and ACC have a combined installed production capacity of 67.5 MTPA.

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.

The value of the Holcim stake and open offer consideration for Ambuja Cements and ACC is $6.50 billion, which makes this the largest ever acquisition by Adani, and also India's largest ever M&A transaction in the infrastructure and materials space, it added.

Post the transaction, Adani will hold 63.15% stake in Ambuja Cements and 56.69% in ACC (of which 50.05% 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.