Adani Group won the bid to buy Holcim’s Indian unit Ambuja Cements and its subsidiary ACC for $10.5bn, taking a 63.19% stake. Adani Group said that it entered into definitive agreements to acquire stakes in Holcim’s units via an offshore special-purpose vehicle (SPV). The transaction is expected to close in H2 2022. Business Standard reports that Adani Group has now emerged as the second largest cement manufacturer, with 70mn tons of annual capacity thanks to the acquisition. It also reported that it is Adani Group’s largest ever acquisition and India’s largest ever M&A transaction in the infrastructure and materials space. It outbid JSW Group and Ultratech Cements that were also in the race. Holcim currently owns 63.19% in Ambuja and 4.48% in ACC. Ambuja Cement, in turn, owns 50.05% in ACC.
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