The business of Indian billionaire Gautam Adani is acquiring the Indian division of Swiss building materials manufacturer Holcim Group in a $10.5 billion transaction.
Adani Group will purchase a 63.11 percent investment in Holcim’s Indian subsidiary Ambuja Cement, which owns a 50.05 percent interest and 4.48 percent direct holding in Holcim’s ACC Limited. Ambuja cement and ACC are both Indian cement manufacturers with headquarters in Mumbai.
Subject to permission by local authorities, the transaction is likely to completion in the second half of 2022, making Adani India’s second-largest cement maker.
According to a joint statement, the combined footprint of Ambuja cement and ACC encompasses 31 cement manufacturing sites and 78 ready-mix concrete plants with 10,700 employees across India.
Gautam Adani, founder and chairman of Adani Group, stated in a statement, “We know that Ambuja and ACC activities are energy intensive, and when combined with our renewable power production capabilities, we gain a large head start in the decarbonization path that is a must for Indian industry.”
According to Forbes’ Real-Time Billionaires List, Adani’s fortune exceeds $103 billion, making him the sixth richest person on earth. Last year, he was also the third-largest gainer on the Billionaires List.