The Gautam Adani Family has announced that it has entered into definitive agreements for the acquisition of Switzerland-based Holcim’s entire stake in Ambuja Cements and ACC. 

Asia’s richest man Gautam Adani’s group on Sunday said that it had clinched a deal to acquire a controlling stake in Holcim’s businesses in India for $10.5 billion, marking the ports-to-energy conglomerate’s entry into the cement sector. 

The Adani Group will acquire 63.1 per cent of Ambuja Cements, along with related assets. Ambuja’s local subsidiaries include ACC, which is also publicly traded. 

“'The Adani Family, through an offshore special purpose vehicle, announced that it had entered into definitive agreements for the acquisition of Switzerland-based Holcim’s entire stake in two of India’s leading cement companies – Ambuja Cements and ACC,” the group said in a statement. 

Holcim, through its subsidiaries, holds 63.19 per cent in Ambuja Cements and 54.53 per cent in ACC (of which 50.05 per cent is held through Ambuja Cements). 

“The value for the Holcim stake and open offer consideration for Ambuja Cements and ACC is $10.5 billion, which makes this the largest-ever acquisition by Adani, and India’s largest-ever M&A transaction in the infrastructure and materials space,”' the statement said. 

Holcim in a statement said, “'The corresponding offer share prices of Rs 385 for Ambuja Cement and Rs 2,300 for ACC translate into cash proceeds of CHF 6.4 billion (Swiss Franc) for Holcim.”' 

Adani has in the last couple of years diversified beyond its core business of operating ports, power plants and coal mines into airports, data centres and clean energy. 

The group had last year set up two cement subsidiaries – Adani Cementation which was planning to set up two cement units in Dahej in Gujarat and Raigarh in Maharashtra – and Adani Cement.