Adani Group to acquire Holcims stakes in Ambuja Cement, ACC

16 May 2022 , 09:25 AM

The corresponding offer share prices of Rs 385 for Ambuja Cement and Rs 2,300 for ACC translate into cash proceeds of 6.4 billion Swiss Francs (CHF) for Holcim. The acquisition price represents 5.44% premium for Ambuja Cement and 8.81% premium for ACC compared with their respective closing prices recorded on Friday. Ambuja Cement and ACC are among the most iconic building material brands in India. Their combined footprint includes 31 cement manufacturing sites and 78 ready-mix concrete plants. The transaction is subject to approval by local authorities and is expected to close in the second half of 2022. Adani Groups businesses range from infrastructure to energy. Jan Jenisch, CEO, Holcim: ?With the Adani Group, we have found a perfect owner to unleash our Indian business next era of growth for our people and all stakeholders in a swift and efficient transaction. I am proud of Holcims track record in the Indian market, where we significantly increased our capacity over the years, while advancing our leadership in sustainability.? Gautam Adani, chairman, Adani Group: With Holcims global leadership in sustainability, we are acquiring some of the most efficient building materials operations in India, powered with clean technologies like heat recovery systems. We recognize that Ambuja and ACC operations are energy intensive and therefore when combined with our renewable power generation capabilities we gain a big head start in the decarbonization journey that is a must for Indian industry. Following the announcement, shares of Adani Group firms edged higher today. Adani Power (up 5%), Adani Green Energy (up 3.80%), Adani Enterprises (up 0.55%) and Adani Ports and Special Economic Zone (up 0.55%) advanced. Meanwhile, Ambuja Cements gained 1.25% while ACC jumped 4.20%. Powered by Capital Market – Live News