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Adani group acquires Ambuja Cements and its subsidiary ACC Ltd from Switzerland’s Holcim Group for 6.4 billion dollars. The acquisition of major Indian cement players made Adani group India’s second largest cement player.
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Adani Group through Endeavour Trade and Investment completed the acquisition of Ambuja Cements and ACC from Switzerland’s Holcim Group for 6.4 billion dollars on 17 September and become India’s second largest cement player.
Holcim closed the deal and sold its entire stake in Ambuja Cements and ACC at Rs 385 per share and Rs 2,300 per share respectively to Adani Group. The cash proceeds totalled 6.4 billion dollars for Holcim.
The business tycoon took to Twitter and wrote, “Today is a historic day. Privileged to bring home Ambuja Cement ACL and ACC Limited. Acquisition of TWO iconic brands makes us India's 2nd largest cement manufacturer.”
During his address, he stated that the Adani group became the second largest cement manufacturer in the country in a single stroke by owning two iconic plants in the country. Both acquisitions contribute to the grid of pre-independent India and the spirit of confident India.
“Fantastic Team. Fantastic Platform. Fantastic Adjacency. We will double our capacity in the next 5 years. Jai Hind,” he tweeted.
Adani said that entry into this business is happening at a time when India is on the cusp of the greatest economic surge being noticed in the modern world.
With various government programmes gaining momentum, the average growth in cement demand is expected to hover around 1.2 to 1.5 times the gross domestic product (GDP).
Meanwhile, the Adani group is expected to grow twice these numbers and tone go from its current 70 million tonne capacity to 140 million tonne in the next five years.
“India is the second largest producer of cement in the world, our per capita income is 250 kilos in comparison with 1600 kilos of China. This gives 7 x headroom for growth. This confidence arrived from the combined strength of leadership from ACC and Ambuja,” he said in a statement.
Adani said the reasons behind Adani group moving into this business are its unshakable belief in India's story and convictions in India becoming a 25 to 30 trillion economy by 2050.
He also mentioned that Adani group today is the world’s largest solar power company and leader of the global green hydrogen story with a commitment of 70 billion dollars to the business. Also, it is the largest airport operator and holds the largest ports and logistics company in India.
Spanning in the gas and energy sector with double-digit growth in the business makes Adani group India’s largest integrated energy player. Acquired the largest road contracts in the country and soon to become the largest in this sector.
Talking about the growth philosophy of Adani Group, Adani said that it lies in India’s story and belief in Nation Building. The strength comes from belief in self-reliance or ‘Aatmanirbharta’.