Asia's richest man Gautam Adani has completed the acquisition of cement company Ambuja and ACC. Gautam Adani's elder son Karan Adani will take charge of the cement business. Adani Group on Friday (September 16) has done this takeover of Ambuja and ACC Cement for $ 6.5 billion i.e. 51.79 thousand crores.
Karan becomes chairman and non-executive director of ACC
With this takeover, Adani Group has become the second largest cement manufacturer in the country. Aditya Birla Group's UltraTech Cement is number one in terms of cement production. According to sources, Gautam Adani has become the chairman of Ambuja Cement. At the same time, 35-year-old Karan Adani has been made its non-executive director.
Apart from this, Karan has also been appointed as the chairman and non-executive director of ACC. Let us inform you that Karan is currently the CEO of Adani Ports and Special Economic Zone Limited (APSEZ). This deal by Adani Group is the biggest acquisition in India's infra and materials space.
The deal was completed after regulatory approval
The deal has been completed after regulatory approval. The open offer price for Ambuja Cement was Rs 385 per share and for ACC it was Rs 2,300 per share. Holcim's stake in Ambuja Cement, ACC, and the open offer consideration was valued at $6.5 billion.
Group will raise 20 thousand crores through warrants
The board of Ambuja Cements has also approved convertible warrants for preferential allotment to the promoter entity of Adani Group. Through this, the group will raise an additional 20 thousand crore rupees. The group will use this fund to expand its cement production capacity to meet its goal of becoming India's largest cement company by 2030.
ACC-Ambuja was owned by Holcim Company
ACC i.e. Associated Cement Companies and Ambuja were owned by Holcim Company. It is a Switzerland-based building materials company. ACC was started on 1 August 1936 in Mumbai. At that time many groups together had laid their foundation. Ambuja Cement was founded in 1983 by Narottam Sekhsaria and Suresh Neotia.
Holcim will cover 17 years of business
Holcim Company started business in India 17 years ago. It is considered to be the largest cement company in the world. After this deal, now the company will wrap up its business from India. Holcim Group had a stake in two cement companies Ambuja Cement and ACC Limited in the country.
Holcim had a 63.19% stake in Ambuja Cements through Holderind Investments Ltd. and 54.53% in ACC (of which 50.05% was through Ambuja Cements). Now Adani Group has bought Holcim's entire stake in Ambuja Cement and ACC.
Excellent manufacturing and supply chain infrastructure
Ambuja Cements and ACC currently have a combined installed production capacity of 70 MTPA (Enum per Million Tonnes). Both companies are amongst the strongest brands in India with excellent manufacturing and supply chain infrastructure. They have 23 cement plants, 14 grinding stations, 80 ready-mix concrete plants, and more than 50,000 channel partners across India. At the same time, Ultra Tech Cement of Aditya Birla Group is the largest company in the country. It has an annual capacity of 119 million metric tons.
Adani Group continues to diversify its business
Started as a commodity trading firm in 1988, the Adani Group came on the national map after foraying into the port business. Over the years, the group has made strides in green energy, media, oil and gas, mining, airport operations, construction, and food processing. Adani Group entered the cement sector last year under the name of Adani Cement Industries. After this deal, Adani Group has become the second largest cement maker in India.
Adani has done more than 32 deals worth 1.31 lakh crore in the last year
After investing in coal and infrastructure projects for a long time, the Adani Group is now diversifying its business by acquiring companies ranging from rice to travel portals, media, green energy, and cement. According to data compiled by Bloomberg, the group has done more than 32 deals worth Rs 1.31 lakh crore in the last year. It has now become one of the largest trading groups in the Asia-Pacific region.
Adani focuses on infrastructure and green energy companies
Most of the deals the Adani Group has done over the past year are infrastructure and green energy companies. These include cement for ports and energy projects. Now recently Adani Group bought a stake in Ambuja and ACC Cement from Holcim.
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