Adani Group became a major force in India’s cement industry by buying Holcim’s interests in Ambuja Cements and ACC, then completing open offers for shares in both companies. At the September 2022 closing, Adani described the combined business as India’s second-largest cement manufacturer, with 67.5 million tonnes per annum (MTPA) of capacity. That ranking and capacity figure are Adani’s description at the time—not a current independent ranking.
What did Adani buy from Holcim?
On 15 May 2022, Adani announced definitive agreements to acquire Holcim’s Indian cement business: its interests in Ambuja Cements and ACC. The Adani Family was to make the acquisition through an offshore special purpose vehicle (SPV), identified in approval and closing materials as Endeavour Trade and Investment Limited, an Adani Group company.
At announcement, Adani described Holcim’s holdings as 63.19% of Ambuja and 54.53% of ACC, including the 50.05% of ACC held through Ambuja. The transaction also included open offers for shares in both listed companies. The announcement described the combined capacity as about 70 MTPA, an estimate that should be distinguished from the 67.5 MTPA figure Adani cited at completion.
How did the acquisition and open offers work?
The purchase covered Holcim’s existing stakes, while the open offers gave other shareholders an opportunity to tender shares under India’s takeover rules. The Competition Commission of India announced approval for Endeavour Trade and Investment Limited’s acquisition of stakes in Holderind Investments Limited, Ambuja and ACC. The transaction was completed on 16 September 2022, including Holcim’s stakes and the open offers under SEBI regulations.
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At closing, Adani reported ownership of 63.15% in Ambuja and 56.69% in ACC. Of the ACC holding, 50.05% was held indirectly through Ambuja. This distinction matters: the figure for ACC includes shares held directly as well as the subsidiary’s holding.
How much did the Ambuja-ACC acquisition cost?
The reported values vary because the companies described the transaction at different stages and measured it in different ways. The available announcements do not provide a detailed reconciliation, so the figures should not be treated as interchangeable.
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| Date and source | Reported figure | What it describes |
|---|---|---|
| 15 May 2022, Adani announcement | Approximately USD 10.5 billion | Value for Holcim’s stake and open-offer consideration as announced. |
| 16 September 2022, Adani completion release | USD 6.50 billion | Reported consideration for Holcim’s stake and the open offers at completion. |
| 16 September 2022, Holcim closing release | USD 6.4 billion | Cash proceeds reported by Holcim as the seller. |
Holcim’s closing account described the transferred interests as 63.11% of Ambuja plus a 4.48% direct stake in ACC; Ambuja itself held 50.05% of ACC. Those closing details differ from the percentages in Adani’s May announcement, so each set belongs to its own dated snapshot and presentation.
What did “second-largest” mean in 2022?
When it announced completion on 16 September 2022, Adani called the combined business India’s second-largest cement manufacturer and cited capacity of 67.5 MTPA. This is the company’s acquisition-era characterization. The cited transaction announcements do not establish an independent market-share ranking, and the figure should not be presented as a current ranking.
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Gautam Adani, then chairman of Adani Group, framed the purchase as a bet on demand growth: “What makes cement an exciting business is the headroom for growth in India, which exceeds that of every other country well beyond 2050,” he said in the completion announcement. That is his rationale and outlook, not an independently verified forecast.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is the status of ACC and Ambuja now?
In its 30 April 2026 results release, ACC described itself as an Ambuja subsidiary. The release said Ambuja’s board had approved the proposed amalgamation of ACC with Ambuja on 22 December 2025; the scheme had been filed with stock exchanges and was awaiting SEBI’s no-objection. Completion was expected in FY27, so the announcement describes a pending proposal, not a completed merger.
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Sources
- Adani Group, acquisition announcement, 15 May 2022
- Adani Group, completion announcement, 16 September 2022
- Holcim, closing announcement, 16 September 2022
- Press Information Bureau / Competition Commission of India, acquisition approval
- Adani Group / ACC, results release, 30 April 2026
- Adani Enterprises, portfolio overview with holdings as of 31 March 2026
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