The deal is the largest for the coal-to-media conglomerate and marks the group’s foray into the cement sector
Adani Group Chairman Gautam Adani. File image.
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The shares of Adani Group companies were the flavour of the day on May 16, a day after the group’s acquisition of HolcimLafarge’s India cement business for more than $ 10.6 billion.
Adani Group will acquire HolcimLafarge’s 63.2 percent stake in Ambuja Cements and 54.53 percent stake—of which Ambuja Cements holds 50.05 percent—in ACC.
The deal is the largest for the coal-to-media conglomerate and marks its foray into the cement sector as the second-largest player behind Aditya Birla Group-owned UltraTech Cement.
Shares of Adani Enterprises, Adani Ports and Special Economic Zone, Adani Power, Adani Transmission, Adani Green Energy, and Adani Total Gas were up 1-5 percent in trade on the National Stock Exchange.
Market participants have indicated that the group would lean on synergies across group companies to aid Adani’s cement business catch up with rival UltraTech.
“Combined with the several adjacencies of our existing businesses that include the Adani Group’s ports and logistics business, energy business, and real estate business, we believe that we will be able to build a uniquely integrated and differentiated business model and set ourselves up for significant capacity expansion,” Adani Group Chairman Gautam Adani said in a press statement.
Also read: MC Exclusive | Adani clinches Holcim deal with speed and tackling FEMA rules
Brokerage firm Phillip Capital said the deal would not only change the fortune of Ambuja Cements and ACC, whose growth has been stunted due to lack of capacity expansion but also of the cement sector.
“In our view industry is all set to now regain its lost ‘natural’ pricing power or let us say, industry is set to establish better control on its ‘sustainable earnings’ quotient,” Phillip Capital said in a note on May 16.
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