With $10 billion deal with Holcim Ltd, Adani becomes India’s second-largest cement producer

Billionaire Gautam Adani on Sunday struck a deal of $10.5 billion with Swiss cement major Holcim Ltd and bought its India operations, Ambuja Cements Ltd, and its subsidiary ACC.

The deal made the Adani Group the second-largest cement producer in the country after the Aditya Birla Group-owned UltraTech Cement. 

Asia’s richest man Gautam Adani’s group has acquired 63.19 percent of Ambuja Cements Ltd.

The company in a statement said, “We have quite a list of businesses we would like to acquire, so I think we can put this money here very well to use,” Jenisch said in an interview on Sunday. “At the moment, we’re working on more than 10 deals.”

Holcim’s disinvestment move seeks to abate its reliance on cement production. the company has washed its hands of cement production because its process involves high levels of carbon emissions and therefore worries many environmentally conscious investors.