Holcim closes India divestment
Published by Sol Klappholz,
Assistant Editor
World Cement,
Holcim has closed the sale of its business in India to the Adani Group, comprising its full stakes in Ambuja Cement at a share price of INR385 and in ACC at a share price of INR2300, resulting in cash proceeds of US$6.4 billion for Holcim. This transaction strengthens Holcim’s balance sheet and enables the company to continue its acquisition strategy, building on recent investments of over CHF5 billion in Solutions & Products.
- Adani Group has acquired Holcim’s full stakes in Ambuja Cement and ACC.
- Holcim received cash proceeds of USD 6.4 billion.
Jan Jenisch, Holcim CEO: “I would like to thank our 10 700 Indian colleagues who have played an essential role in the development of our business over the years with their relentless dedication and expertise. I am convinced that the Adani Group is the right home for them as well as for our customers to continue to thrive in the future.
“This divestment is another step in our transformation to become the global leader in innovative and sustainable building solutions, strengthening our balance sheet and giving us the firepower to continue our acquisition strategy.”
This transaction comprises Holcim’s entire 63.11% stake in Ambuja Cement, which owns a 50.05% interest in ACC, as well as its 4.48% direct stake in ACC.
Read the article online at: https://www.worldcement.com/indian-subcontinent/16092022/holcim-closes-india-divestment/
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