Adani Group to Buy Holcim's India Cement Business in $10 Billion Deal
16 Maggio 2022 - 2:15AM
Dow Jones News
By P.R. Venkat
One of India's largest business groups has agreed to buy Holcim
Ltd.'s cement business in India, in a $10.5 billion dealth that is
biggest ever acquisition in the country's infrastructure and
materials industry.
The Adani Group will buy Switzerland-based Holcim's stake in
Indian listed companies Ambuja Cements Ltd. and ACC Ltd., which
will make Adani India's second-largest cement maker, Adani Group
said Sunday.
Holcim, through subsidiaries, holds 63.19% in Ambuja Cements and
54.53% in ACC.
The value for the Holcim stake and open offer consideration for
Ambuja Cements and ACC is $10.5 billion, which also makes it the
largest ever acquisition by Adani Group.
The transaction, which is subject to regulatory approvals, is
expected to close in the second half of this year, the statement
said.
India's cement consumption of just 242 kilograms per capita,
compared with the global average of 525 kilograms per capital,
means there is significant potential for growth in its cement
industry, the statement said.
"Not only is India expected to remain one of the world's largest
demand-driven economies for several decades, India also continues
to be the world's second largest cement market and yet has less
than half of the global average per capita cement consumption,"
Adani Group chairman Gautam Adani said.
Adani Group is a diversified conglomerate in India with market
cap of about $177 billion comprising seven publicly traded
companies.
The group has business interest in infrastructure industries
from energy to logistics to management of airports.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
May 15, 2022 20:00 ET (00:00 GMT)
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