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The holdings in Ambuja Cement and ACC will go to the Adani Group for cash totaling 6.4 billion Swiss francs, as Holcim announced on Sunday.
The sale includes the 63.11 percent stake in Ambuja Cement, which in turn owns a good 50 percent of ACC, and Holcim’s direct stake in ACC of 4.48 percent. Adani is offering 385 Indian rupees per share in Ambuja Cement and 2300 Indian rupees per share in ACC. This results in a total of 6.4 billion Swiss francs.
Adani Group is an India based company with a portfolio ranging from infrastructure to energy. Jan Jenisch, CEO of Holcim, sees Adani as the “perfect new owner” for Holcim’s Indian business, as he is quoted in the press release.
Ambuja Cement and ACC together have 31 cement plants and 78 ready-mixed concrete plants with 10,700 employees in India. Both Ambuja Cement and ACC are listed on the Mumbai Stock Exchange.
Holcim expects the transaction to close in the second half of 2022. It is still subject to approval by local authorities.
As has been known for some time, Holcim itself intends to concentrate on expanding the Solutions & Products area. Holcim has recently invested around five billion Swiss francs in this area.
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