CCI Approves Adani's Buyout Of ACC, Ambuja Cements
India’s competition regulator has cleared Adani’s acquisition of Holcim Group’s stake in Ambuja Cements and ACC.
India’s competition regulator has cleared billionaire Gautam Adani’s acquisition of Holcim Group’s stake in Ambuja Cements Ltd. and ACC Ltd.
“Commission approves acquisition of the stake in Holderind Investments, Ambuja Cements and ACC by Endeavour Trade and Investment,” the Competition Commission of India tweeted.
Endeavour Trade and Investment is an Adani-owned firm, while Holderind is an investment arm of Holcim.
Holcim held 63.19% in Ambuja Cements and 54.53% in ACC (of which 50.05% was held through Ambuja Cements).
The $10.5-billion deal gives Adani control of the second-largest cement business in India with a capacity of 70 million tonnes a year, after Aditya Birla Group-owned UltraTech Cement Ltd. (120 MTPA).
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.