India News | Adani to Acquire Holcim India Assets for USD 10.5 Bn
Get latest articles and stories on India at LatestLY. Asia's richest man Gautam Adani's group on Sunday said it has clinched a deal to acquire a controlling stake in Holcim Ltd's businesses in India for USD 10.5 billion, marking ports-to-energy conglomerate's entry into the cement sector.
New Delhi, May 15 (PTI) Asia's richest man Gautam Adani's group on Sunday said it has clinched a deal to acquire a controlling stake in Holcim Ltd's businesses in India for USD 10.5 billion, marking ports-to-energy conglomerate's entry into the cement sector.
Adani has in the last couple of years diversified beyond core business of operating ports, power plants and coal mines into airports, data centres and clean energy.
The group last year set up two cement subsidiaries - Adani Cementation Ltd which was planning to set up two cement units at Dahej in Gujarat and Raigarh in Maharashtra; and Adani Cement Ltd.
The deal will make billionaire Gautam Adani's conglomerate the second largest player in the domestic cement sector with acquiring the joint control of Holcim's two Indian step-down firms ACC Ltd and Ambuja Cement.
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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)