Swiss cement-maker Holcim is planning to sell its Indian businesses, Ambuja Cement and ACC, to local conglomerate Adani Group for $6.6bn. Adani will acquire a 63% stake in Ambuja Cement, which in turn owns a 50.05% interest in ACC.
The two companies employ 10,700 people over 31 cement manufacturing sites and 78 ready-mix concrete plants.
Holcim says that it has invested $5.2m in solutions and products in India over the past year, and has simultaneously pursued bolt-on purchases in the aggregates and ready-mix sectors.
Jan Jenisch, Holcim’s chief executive, said: “With the Adani Group, we have found a perfect owner to unleash our Indian business’ next era of growth for our people and all stakeholders in a swift and efficient transaction.
“I am proud of Holcim’s track record in the Indian market, where we significantly increased our capacity over the years, while advancing our leadership in sustainability.”
The deal is still subject to local authority approval, but is due to close this year.