No tax on $6.38 billion transaction with Adani Group, says Holcim
The Hindu
Holcim had on May 15, 2022 signed a binding agreement with the Adani Group to sell its business in India
Swiss building material major Holcim has said its $6.38 billion deal with Gautam Adani's group is tax-free.
Holcim had on Sunday signed a binding agreement with the Adani Group to sell its business in India—about a 63% stake in Ambuja Cement, which owns a 54.53 stake in ACC (of which 4.48% is direct shareholding).
"So, according to our analysis, it is a tax-free transaction," Holcim CEO Jan Jenisch said while addressing investors after the deal on Monday.
When asked about the tax implications, he said: "Never know if any complication arises, but we assume that we will get the 6.4 billion Swiss Francs as net proceeds".
As per the deal, Adani Group will acquire Holcim's full stake in Ambuja Cement and ACC for CHF (Swiss franc) 6.4 billion ($6.38 billion).
A day after, Adani also made an open offer to acquire a 26% stake each in the two listed companies—Ambuja Cements and ACC Ltd.—from public shareholders.
The Adani family is routing the deal through Mauritius-based subsidiary Endeavour Trade and Investment, which is promoted by Acropolis Trade and Investment Ltd.
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