The Adani group’s ‘offshore solution’ edged out the bids put in by Kumar Mangalam Birla and Sajjan Jindal. But will the calculated risk pay off?
Gautam Adani played it smart. The founder of the Adani group had initially put in the lowest bid for Ambuja Cements Ltd and its subsidiary, ACC Ltd, but walked away with the deal right under the noses of fellow billionaires Kumar Mangalam Birla and Sajjan Jindal.
Birla, keen to buy the two marquee cement brands to keep his UltraTech Cement’s leadership status in the Indian market unchallenged, had placed an offer in the region of Rs 430 a share for Ambuja Cements, says an executive with direct knowledge of the transaction. That would have valued Holcim’s 63.11% stake in Ambuja …
Prince leads the newsroom at The Morning Context as managing editor. A fascination with the written word has taken Prince to some of the leading newsrooms across the country, including The Economic Times, Dow Jones Newswires, Forbes India and Moneycontrol. In a career spanning 20 years, Prince has led teams, managed pages, projects and special editions, and has authored The Consolidators, published by Penguin Random House in 2017.
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