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 …


Nihar Gokhale

Nihar Gokhale led the Chaos coverage at The Morning Context. Nihar wrote 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.

Editor, Chaos



Advait Palepu

Advait is a financial journalist and a former writer at The Morning Context. Here, he wrote 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.