Adani to become India’s No. 2 cement maker with $10.5 billion Holcim deal

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Reuters UK

(Reuters) -Billionaire Gautam Adani’s conglomerate plans to buy Switzerland-based Holcim AG’s cement businesses in India for $10.5 billion, becoming the country’s No. 2 cement manufacturer in its largest-ever acquisition. Under the deal, the biggest in India since 2018, Adani Group will pay $6.4 billion in cash to acquire Holcim’s 63.1% stake in Ambuja Cements Ltd and 54.5% holding in ACC Ltd. The rest of the companies’ shares will be bought via an open offer. Adani Group, which currently has no cement-making operations, said the firms were a good fit given its ports and logistics, energy and …

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