Cementing growth

Adani Group is increasing its stake in the India story

Swiss cement major Holcim, which through its 63 per cent stake in Ambuja Cements and thereby in ACC is currently the second-largest cement producer in India, has agreed to sell its India business to Adani Group. Adani, which is paying a 7 per cent premium or so over the traded price for Ambuja, has said it has put aside $10.5 billion for the sale; Holcim has said it will receive $6.4 billion in cash proceeds immediately to plough back into other purchases. The markets have reacted positively as far as the Indian companies are concerned, with Ambuja Cements closing up