Adani Group’s Rs 31,000-crore open offer to acquire 26 percent additional stakes in Swiss firm Holcim’s two Indian listed entities ACC Ltd and Ambuja Cements closed on Friday amid lackluster response from public shareholders.
According to the latest regulatory filing by ACC Ltd, on Friday, about 40.51 lakh equity shares were tendered against the original offer of 4.89 crore shares, which is just 8.28% and only 2.2% of ACC and 0.04% of Ambuja holdings were tendered by minority holders.
With the acquisition largely finished, the focus shifts to the group’s strategy ahead. In the recently concluded Jefferies Asia Forum, Adani Group’s CFO underlined that the group is looking to close the ACC-Ambuja transaction within the next 10-day period and will be concentrating on group efficiencies thereon.
“We believe the Street now keenly awaits the blueprint on how the group is looking to drive synergies in the cement business and outlook on the expansion. Post the acquisition, the chairman of Adani Group in an interview with Fortune India, said that the group is planning to expand to 100MTPA/130MTPA in the next 3-4 years/5-6 years vs 67MTPA currently,”
Ambuja Cements and ACC currently have a combined established production capacity of 70 million tonnes per annum. The two companies together have 23 cement plants, 14 grinding stations, 80 ready-mix concrete plants, and 50,000 channel partners across India.
