Adani Group to acquire Ambuja Cement and ACC, CCI approves.
The Competition Commission of India has given its approval for the acquisition of Holcim’s stake in Ambuja Limited and ACC Limited by the Adani Group.
The watchdog said in a tweet on Friday that it has approved the acquisition of the stake in Holderind Investments, Ambuja Cements, and ACC by Endeavor Trade & Investment.
The proposed combination includes the acquisition of a 100 percent stake in Holderind Investments Limited by Endeavor Trade & Investment Limited.
Endeavor Trade & Investment Limited is a Mauritius-based company that belongs to the Adani Group.
Holder in Investments is owned by Holderfin BV and belongs to the Switzerland-based Holcim Group and is the holding company of cement manufacturers Ambuja Cements and ACC Ltd.
Holderind Investments held a 63.11 percent stake in Ambuja Cements and 4.48 percent in ACC. Apart from this, Ambuja held a 50.05 percent stake in ACC.
In May, the Adani Group announced a deal to acquire a controlling stake in Holcim Limited’s business Ambuja Limited and ACC Limited in India.
Simultaneously, the Adani Group had made an open offer to the public shareholders of both the companies to acquire a 26-26 percent stake in the firm.
The regulator also cleared Endeavor’s open offer to buy up to 26 percent stake in Ambuja Cements and ACC.
Transactions above a certain limit require approval from the regulator, which monitors unfair trade practices in the market.
India can overtake Britain in the 75th year to become the fifth largest economy in the world!
The 75th year of independence seems to be proving auspicious for the Indian economy. In the 75th year, India can overtake the UK to become the fifth largest economy in the world.
At the same time, this year India will become the fastest growing country despite all the challenges and this trend will continue next year as well.
In the 75th year of independence, India exported more than $ 400 billion for the first time. In the current financial year, this export can reach $ 500 billion.