Adani pledges USD 13 billion shares of ACC, Ambuja
After the takeover, Adani Group chairman Gautam Adani said they expect a significant margin expansion to become the most profitable cement manufacturer in the country.
Published: 21st September 2022 08:13 AM | Last Updated: 21st September 2022 08:13 AM | A+A A-
Adani Group Chairman Gautam Adani (Photo | PTI)
NEW DELHI: Days after acquiring ACC and Ambuja Cements, Adani Group has pledged shares worth nearly USD 13 billion in the two cement units. The pledged shares of ACC and Ambuja were worth over Rs 1 lakh crore based on Tuesday’s closing prices and accounted for a 57 per cent stake in ACC and a 63 per cent stake in Ambuja Cements.
Deutsche Bank AG’s Hong Kong branch, which is the agent for the pledged shares in ACC and Ambuja, made the disclosure to India’s stock exchanges. The Group in May has announced the acquisition of Holcim’s cement businesses (ACC and Ambuja) in India for USD 10.5 billion to become the country’s largest cement manufacturer in one go. The port-to-power conglomerate on September 16 announced that it has successfully completed the acquisition.
After the takeover, Adani Group chairman Gautam Adani said they expect a significant margin expansion to become the most profitable cement manufacturer in the country.
Not only becoming the most profitable cement company, but Adani also indicated it would strive to become the country’s largest cement manufacturer by taking its capacity to 140 million tonnes, from 70 million tonnes, in the next five years.
To achieve this capacity target, the Group is infusing Rs 20,000 crore in Ambuja Cements.
