NCLT Approves Adani Cementation Merger with Ambuja Cements

21 Jul 2025 , 12:27 PM

The National Company Law Tribunal has approved the merger of Adani Cementation into Ambuja Cements. This move is giving the Adani Group a clearer path to streamline its cement business. The Ahmedabad bench passed the order on July 18, allowing the group to fold its cement operations under a single entity.

The merger will be effective from April 1, 2024. Once completed, Ambuja Cements will absorb all assets, operations and liabilities of Adani Cementation. This includes project sites, licenses, and ongoing developments that will now be handled directly by Ambuja.

As part of the merger, Adani Enterprises will receive 8.7 million equity shares of Ambuja Cements. The share swap is part of the internal restructuring process announced by the group in June last year.

The tribunal stated that no further agreements or approvals are needed to complete the transfer. All existing rights and obligations of Adani Cementation will automatically move to Ambuja.

Ambuja has been asked to comply with rules set by market regulator SEBI and all relevant stock exchanges including BSE, NSE and the Luxembourg Stock Exchange where its global depository receipts are listed.

Company officials said the merger would help reduce duplicate processes and allow better coordination across business units. It also gives Ambuja access to additional resources without having to go through separate regulatory steps.

One of the key benefits of the deal is that Ambuja can start work at Adani Cementation’s existing project sites without delays. This includes large limestone reserves in Lakhpat, Gujarat, estimated at 275 million tonnes, and a planned cement facility at Raigad in Maharashtra.

Ambuja has been expanding rapidly. The company crossed 100 million tonnes of production capacity in the last financial year. It now aims to grow that to 118 million tonnes by FY26 and reach 140 million tonnes by FY28. Most of this growth is expected to come from brownfield projects.

The Adani Group entered the cement business in 2022 when it acquired Holcim’s stakes in Ambuja and ACC for 6.4 billion dollars. Since then, Ambuja has acquired regional cement players like Penna Cement, Sanghi Industries and most recently Orient Cement.

With these additions, Adani has become the second-largest cement manufacturer in the country. UltraTech Cement, owned by the Aditya Birla Group, continues to lead the Indian market with a total capacity of over 192 million tonnes.

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