Adani Buys Holcim's Assets For $10.5 Billion, Most Expensive Ever

Monday, 16 May 2022newsdesk

Adani Group buys Holcim's stake in Ambuja cements and its subsidiary ACC in the most expensive ever, with a price tag of $10.5 billion (around ₹ 81,361 crore). That marks the ports-to-energy conglomerate's entry into the cement sector and makes it the second-largest cement producer in the country.

New Delhi, 16 May 2022

As per news report of NDTV, Shares of Ambuja Cements and unit ACC rose 2.9 per cent and 6.4 per cent, respectively, on Monday, a day after conglomerate Adani Group said it would buy Holcim AG's controlling stake in the companies. Shares of Adani enterprises rose 2.75 per cent, while rivals UltraTech Cement and Shree Cement fell 2.5 per cent and 1.8 per cent, respectively, and were among the top losers on the Nifty 50 index. Currently, Aditya Birla group, which owns the brand ultra tech cement, is India's top cement producer. The Aditya Birla Group was also racing to buy out Holcim's stake after the firm announced its exit from India. But Asia's richest man Gautam Adani's group, Sunday, clinched the deal and is seen as a big win for Gautam Adani, chairman of the Adani group.

Source -NDTV