Gautam Adani's group has completed the acquisition of India's leading cement companies Ambuja Cements and ACC. The group is now the second largest cement producer in the country. Holcim closed his Adani Grup address on Friday, selling all shares in Ambuja Cements for £385 and all shares in ACC for his £2,300. Holcim's coin revenue totaled $6.4 billion.
In a statement, Switzerland-based Holcim announced that it had completed the sale of its trading business in India to Adani Group. This includes all shares of Ambuja Cement at £385 and all shares of ACC worth his Rs 2,300. Holcim Coin Earnings to $6.4 Billion. Holcim offered a 63.11% 100% stake in Ambuja Cements, which owns 50.05% of ACC, and a direct 4.48% stake in ACC.
The transaction will strengthen Holcim's stability and allow the company to maintain its acquisition strategy and strengthen its recent investment of more than CHF 5 billion in solutions and products, the announcement said.
Holcim CEO Jan Jenisch said: The Adani Group is confident that they and our customers are well positioned for future success.
The Holcim-Adani transaction was completed with a change of 100% ownership of Ambuja and ACC in Endeavor Trade and Investment of Holderind Investments. Endeavor Trade and Investment is part of the Adani Group and Mauritius-based Total Holderlind is Holcim's receiving business.
Jenisch added: “This sale is another step in our transformation to become a global leader in advanced and sustainable construction solutions, strengthens stability and gives us the firepower to continue our acquisition strategy.”
The acquisition of Ambuja and ACC is Adani's largest acquisition to date and India's largest infrastructure and materials M&A deal to date.
Both Ambuja and ACC stocks fell today. However, earlier in the day, Ambuja's share price corrected to reach his 52-week high of Rs 550.15.
On BSE, Ambuja shares closed at Rs 516.30 per share, down 4.19%. The company has a market capitalization of approximately £1,251.886 billion. ACC's share price fell 4.90% to £2614.80 per share. The company has a market valuation of Rs 49,102.61.
In terms of market share, the acquisition of Ambuja Cements and ACC makes Adani Group the second largest cement supplier in the industry with a market valuation of £1.5162147 trillion. Ultratech Cement is currently the largest player with a market valuation above his Rs 1.87 crore.
Gautam Adani's eldest son, Karan Adani, is speculated to head his family's expanded cement business. Following the change in management, the ACC announced that the Board of Directors will extend the current fiscal year through March 31, 2023 and extend the Company's fiscal year from January 1 through December 31 to April 1 through March each year. We have announced that we have approved the change by the 31st. Year Approved.
Also on Friday, following regulatory filings, Ambuja received board approval to issue approximately 47.75 million warrants. The Warrants are each convertible or exchangeable and are issued to Harmonia Trade and Investment in preference to one fully paid share with a par value of £2 each.
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