Adani has taken a major step towards complete control over its business:- Gautam Adani’s business continued to expand. Recently Gautam Adani also ventured into cement business. The cement companies will be headed by Gautam Adani’s son Karan.
Adani Group acquired Ambuja Cements and ACC Limited. As a result, the group has become the second largest cement producer in the country. Apart from ports and energy, the Adani Group’s businesses include airports, telecommunications and now cement.
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Adani Group acquires Ambuja Cements and ACC for $6.5 billion. As part of the deal Ambuja and ACC will be acquired along with Holcim’s stake in both companies.
Soon after the Adani acquisition, the boards of directors of both the cement companies, including their chief executive officers (CEOs) and chief financial officers (CFOs), announced their resignations. Appointed group founder chairman Gautam Adani as head of Ambuja Cements.
The son should command
Son Karan will manage the cement business. Currently, he is responsible for the group’s port operations. He is nominated as a director of both companies and chairman of ACC Limited. Adani Group has nominated both the companies as independent directors.
Former State Bank of India (SBI) chairman Rajnish Kumar is on the board of Ambuja Cement and Nitin Shukla on the board of Shell India. Ajay Kumar has been appointed CEO of Ambuja Cement, replacing Neeraj Akhouri.
20,000 crore capacity
Sridhar Balakrishnan will be the CEO of the ACC. 35-year-old Karan holds a bachelor’s degree in economics from Pudru University, USA, and currently heads Adani Ports and SEZ Limited. The world’s third richest man, Gautam Adani, is 60 years old and has two sons, Karan and Jeet.
His younger brother Jeet graduated from the University of Pennsylvania’s School of Engineering and Applied Sciences. Among the group’s vice-presidents, he is in charge of finance. A new board of directors of Ambuja Cement has approved a capital infusion of Rs 20,000 crore to boost the company through preferential warrant allocation.
The biggest acquisition in history
This is Adani’s biggest in terms of acquisition. Additionally, it is the largest merger and acquisition in the country’s infrastructure and materials sector. The place of the material. During the open offer process, Endeavor Trade and Investment Limited, the special purpose entity of the Adani family, has entered into an agreement with the Swiss company Holcim.
Through this deal, Adani will own 63.15 percent of Ambuja Cement and 56.69 percent of ACC (50.05 percent through Ambuja Cement). With a market capitalization of $19 billion, Ambuja Cements and ACC Limited are currently the largest cement companies in the world. The deal will be financed by a $4.50 billion loan in the form of loans from 14 international banks, the statement said.
Growth potential in cement sector
According to Gautam Adani, Chairman, Adani Group, India’s cement sector has huge growth potential and will overtake all other countries by 2050. This makes it a profitable business. The world’s renewable energy companies. This will allow us to produce better quality green cement according to the principle of optimal use of resources (circular economy).
As a result, we will be the world’s largest and most efficient cement manufacturer by 2030. Earlier this year, the Adani Group announced that it would acquire a controlling stake in India’s Holcim Limited. Currently, Ambuja Cements and ACC have a combined installed capacity of 67.5 million tonnes per annum. Aditya Birla Group company Ultratech Cement is the leader in the sector with an installed capacity of 11.99 million tonnes.