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ICICI Direct Report
ACC Ltd. (now Adani Group conglomerate part) is a large cement player with capacity of over 34.5 million tonne in India and one of the oldest cement players in industry. ACC also manufactures ready-mix concrete and has 50 plants across India.
Key triggers for future performance:
The recently concluded deal (worth $6.5 billion) between Holcim and Adani has now made Adani Group the second largest cement player in the industry with a combined total cement capacity of 67.5 million tonne (ACC plus Ambuja Cements Ltd.).
Post the deal, Adani now holds 63.15% stake in Ambuja Cements and 56.69% stake in ACC (of which 50.05% is held through Ambuja Cement).
The Board of both these companies has also been reconstituted. Gautam Adani will be the Chairman and Non-Executive, Non-Independent Director of Ambuja Cement (promoter entity of ACC) while Karan Adani will be the Chairman and Non-Executive, Non-Independent Director of ACC.
The new promoter intends to double the group’s cement capacity in next five years and become largest and most efficient cement company by 2030.
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