NEW DELHI: Adani Group has completed the acquisition of Ambuja Cements and ACC, becoming India’s second-largest cement manufacturer. The transaction involved the acquisition of Holcim’s stake in Ambuja and ACC along with an open offer in both entities as per SEBI Regulations.
Karan Adani, 35, the eldest son of Gautam Adani is likely to oversee the Group’s cement business. Currently, he is managing Group’s port business. Soon after the takeover that happened in a quick span of just 4 months when first announced, the two cement companies announced the resignation of their board of directors, including the CEOs and CFOs.
Adani Group named its founder chairman Gautam Adani as the head of Ambuja Cements and Karan was named as a director of both the cement firms and chairman of ACC. The value of the Holcim stake and open offer consideration for Ambuja Cements and ACC is USD 6.50 billion, which makes this the largest ever acquisition by Adani, and India’s largest ever M&A transaction in infrastructure and materials space, Adani Group said.