Holcim Concludes $6.4-Billion Sale Of ACC, Ambuja Cements To Adani Group
Switzerland-based Holcim Group has completed the sales of its full stakes in Ambuja Cement Ltd. and ACC Ltd. to Adani Group.
In a press release, the conglomerate said the sale has resulted in cash proceeds of $6.4 billion (about Rs 51,000 crore). "This transaction strengthens Holcim's balance sheet and enables the company to continue its acquisition strategy, building on recent investments of over CHF 5 billion in solutions and products."
Adani Group recently concluded its open offer for the two cement majors at a share price of Rs 385 apiece for Ambuja Cements and Rs 2,300 apiece for ACC.
“I would like to thank our 10,700 Indian colleagues who have played an essential role in the development of our business over the years... I am convinced that the Adani Group is the right home for them," said Jan Jenisch, chief executive officer at Holcim.
“This divestment is another step in our transformation to become global leader in innovative and sustainable building solutions, strengthening our balance sheet and giving us the firepower to continue our acquisition strategy," Jenisch said.
Holcim has sold 63.11% stake in Ambuja Cement, which owns a 50.05% interest in ACC, as well as its 4.48% direct stake in ACC.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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