Adani Group on Friday became the second-largest cement company in the country after it finalised the acquisition of Ambuja Cements and ACC Limited.
Ultratech Cement is the largest player with a market valuation of over Rs 1.87 lakh crore, according to Mint.
On Friday, the Gautam Adani-led group said that it paid $6.4 billion (over 51,000 crore) in cash to acquire Switzerland-based Holcim’s 63.1% stake in Ambuja Cements and 54.5% holding in ACC Limited.
“The Adani Family, through Endeavour Trade and Investment Ltd, a special purpose vehicle, has successfully completed the acquisition of Ambuja Cements Ltd and ACC Ltd,” the Adani Group said in a statement. “The transaction involved the acquisition of Holcim’s stake in Ambuja and ACC along with an open offer in both entities as per SEBI [Securities and Exchange Board of India] regulations.”
The acquisition of Ambuja Cements and ACC is the largest acquisition ever by the Adani Group, and India’s largest ever in the infrastructure and materials space.
Gautam Adani said that he is confident of becoming the largest and most efficient manufacturer of cement by 2030.
“What makes cement an exciting business is a headroom for growth in India, which exceeds that of every other country well beyond 2050,” Adani said in a statement. “Our position as one of the largest renewable energy companies in the world will help us manufacture premium quality green cement well in line with the principles of a circular economy.”
In May, the Adani Group had announced it had reached an agreement to buy the majority of the Indian operations of Holcim Limited.
Adani briefly becomes second-richest person
Gautam Adani on Friday briefly overtook Amazon’s Jeff Bezos to become the world’s second-richest person, according to the Bloomberg Billionaires Index.
Adani’s net worth touched $155 billion (over Rs 12.3 lakh crore) and was trailing after Tesla founder Elon Musk, who has a net worth of $264 billion (over Rs 21.4 lakh crore), according to Bloomberg.
Adani is the first Asian to be among the three richest persons in the world, according to Bloomberg. He had started the year as number 14 on the Bloomberg Billionaires Index.
The 60-year-old founder of Adani Group controls companies ranging from ports and aerospace to thermal energy and coal.