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Adani Group acquires 63.19% stake in Ambuja Cements and ACC

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Adani has now become India’s second-largest cement manufacturer

Gautam Adani signed a $10.5 billion deal that gives his conglomerate a 63.19% share in Holcim Ltd India operations, Ambuja Cements Ltd and its subsidiary ACC Limited.The Adani Group has now surpassed the Aditya Birla Group’s UltraTech Cement as the country’s second-largest cement maker. The JSW Group was also interested in buying the Ambuja-ACC joint venture.Holcim owns 63.19% of Ambuja Cements and 54.53% of ACC through its subsidiaries (of which 50.05% is held through Ambuja Cements).According to the Adani Group, the value of the Holcim share and open offer consideration for Ambuja Cements and ACC totals $10.5 billion, making it India’s largest M&A deal in the infrastructure and materials market.The deal is likely to net Holcim 6.4 billion Swiss francs in cash. The Adani Group said that it would make an open offer to buy additional shares. The deal should be completed in the second half of 2022.Holcim’s latest attempt to minimise its reliance on carbon-intensive cement manufacture, an industrial process that creates significant amounts of CO2 emissions.The Adani Group has expanded beyond its primary business of running ports, power plants, and coal mines in recent years to include airports, data centres, and sustainable energy.In 2021, the group established two cement subsidiaries: Adani Cementation Ltd, which planned to build two cement plants in Gujarat and Maharashtra, and Adani Cement Ltd.Gautam Adani told the media that their entry into the cement market is just another validation of their faith in the country’s economic story.He said India is not only likely to remain one of the world’s greatest demand-driven economies for several decades, but it is also the world’s second-largest cement market, despite having less than half of the global average per capita cement consumption.

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Also read:Dalmia Cement decides to invest Rs 2,600 cr in Tamil Nadu within 3 years

Concrete

CCU testbeds in Tamil Nadu

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Tamil Nadu is set to host one of India’s five national carbon capture and utilisation (CCU) testbeds, aimed at reducing CO2 emissions in the cement industry as part of the country’s 2070 net-zero goal, as per a news report. The facility will be based at UltraTech Cement’s Reddipalayam plant in Ariyalur, supported by IIT Madras and BITS Pilani. Backed by the Department of Science and Technology (DST), the project will pilot an oxygen-enriched kiln capable of capturing up to two tonnes of CO2 per day for conversion into concrete products. Additional testbeds are planned in Rajasthan, Odisha, and Andhra Pradesh, involving companies like JK Cement and Dalmia Cement. Union Minister Jitendra Singh confirmed that funding approvals are underway, with full implementation expected in 2025.

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Concrete

JSW Cement gears up for IPO

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JSW Cement has set the price range for its upcoming initial public offering(IPO) at US$1.58 to US$1.67 per share, aiming to raise approximately US$409 million. As reported in the news, around US$91 million from the proceeds will be directed towards partially financing a new integrated cement plant in Nagaur, Rajasthan. Additionally, the company plans to utilise US$59.2 million to repay or prepay existing debts. The remaining capital will be allocated for general corporate purposes.

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Concrete

Cement industry to gain from new infrastructure spending

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As per a news report, Karan Adani, ACC Chair, has said that he expects the cement industry to benefit from the an anticipated US$2.2tn in new public infrastructure spending between 2025 and 2030. In a statement he said that ACC has crossed the 100Mt/yr cement capacity milestone in April 2025, propelling the company to get closer to its ambitious 140Mt/yr target by the 2028 financial year. The company’s capacity corresponds to 15 per cent of an all-India installed capacity of 686Mt/yr.

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