The Adani group does not own Ambuja Cements and ACC

The two cement companies are owned by entities ultimately controlled by Vinod Adani, though the Adani group runs the show.

When the Adani group announced last September that it was acquiring Ambuja Cements and ACC for $6.4 billion, it used a special purpose vehicle called Endeavour Trade and Investment Ltd to buy the two cement companies from Switzerland’s Holcim Group. Further, as required by regulations, Endeavour would launch an open offer to acquire up to 26% of the expanded share capital of Ambuja and ACC.

Endeavour Trade and Investment, based in Mauritius, would acquire Holcim’s entire stake in the two cement companies. “Holcim, through its subsidiaries, holds 63.19% in Ambuja Cements and 54.53% in ACC (of which 50.05% is held through Ambuja Cements). The value for the Holcim stake and open offer consideration for Ambuja Cements and ACC is [$10.5 billion], which makes this the largest ever acquisition by Adani, and India’s largest ever M&A transaction in the infrastructure and materials space,” said a press release on the Adani group website at the time.

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Advait Palepu

Advait writes on India’s banks, the wider financial services industry and the fintech ecosystem. He has previously worked with the Economic and Political Weekly, Business Standard, BloombergQuint and MediaNama, where he covered everything from the Reserve Bank of India to fintech policy.




Nihar Gokhale

Nihar Gokhale leads our Chaos coverage at The Morning Context. Nihar writes on the environment, the economy and resource conflicts in India. He has reported from across the country on everything from displacement, pollution and environmental violations to land regulation, corruption and human rights. He was earlier associate editor at Land Conflict Watch, and his work has appeared in Scroll, The Wire, IndiaSpend, The Caravan and Mongabay India.

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