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ACC completes acquisition of Asian Concretes and Cements

Livemint

Livemint · 1y ago

ACC completes acquisition of Asian Concretes and Cements

ACC Ltd, a subsidiary of Ambuja Cement Ltd owned by Adani, has acquired the remaining 55% stake in Asian Concretes and Cements Private Ltd (ACCPL) for ₹425.96 crore ($57 million). The acquisition was funded internally and brings ACC's ownership of ACCPL to 100%. This acquisition raises ACC's total cement production capacity to 38.55 MTPA and increases the Adani Group's overall capacity to 77.40 MTPA. The group aims to expand this capacity to 106 MTPA by FY26. ACCPL operates a cement plant in Himachal Pradesh and a subsidiary in Punjab.

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Gautam Adani, family raise stake in Ambuja with $800 mn infusion

VCCircle

VCCircle · 1y ago

Gautam Adani, family raise stake in Ambuja with $800 mn infusion

Gautam Adani and his family have invested $799 million in Ambuja Cements, increasing their stake in the company to around 67%. The investment will help Ambuja Cements expand its manufacturing capacity, with a target of reaching 140 million tonnes per annum by 2028. The infusion of funds provides Ambuja Cements with capital flexibility for accelerated growth and capital management initiatives. This investment comes after Adani Group's acquisition of Ambuja Cements and ACC from Holcim in 2022 for $10.5 billion.

India Cements promoters increase share pledge as co finds itself in a tight spot

Livemint

Livemint · 1y ago

India Cements promoters increase share pledge as co finds itself in a tight spot

Promoters of India Cements Ltd have been borrowing against their shares to address working capital shortages, with the latest debt raised as recently as last month. The cement industry has faced intense price competition following the entry of the Adani group in 2022 with the acquisition of Ambuja Cements Ltd and ACC Ltd. India Cements is also looking to sell non-core assets, including land parcels, to reduce debt and increase working capital. The company's profitability has been impacted by lower cement prices and declining volumes due to competition and working capital constraints.

UltraTech buys 23% stake in India Cements for $226 mn

VCCircle

VCCircle · 1y ago

UltraTech buys 23% stake in India Cements for $226 mn

UltraTech Cement, India's top cement producer, has announced its acquisition of a 23% stake in India Cements for $226 million. The deal will see UltraTech purchase 70.6 million shares of India Cements for up to 267 rupees each. This move comes as UltraTech aims to secure a larger market share, competing with other cement giants such as Ambuja and ACC, both part of the Adani group. Earlier this month, Ambuja acquired Penna Cement Industries for $1.25 billion.

In the grinding battle for cement, UltraTech makes a big move in the south

Livemint

Livemint · 1y ago

In the grinding battle for cement, UltraTech makes a big move in the south

UltraTech Cement has acquired a 32.72% stake in India Cements from its promoters for INR 3,954 crore ($531 million), as part of its expansion strategy. UltraTech will also launch an open offer to acquire an additional 26% stake in India Cements. With this acquisition, UltraTech's total shareholding in India Cements will reach 81.49%. The deal comes after UltraTech purchased a 22.77% stake in India Cements in June. The transaction allows UltraTech to better serve the southern markets and further increase its capacity.

CCI approves Ambuja Cements acquiring 72.8% stake in Orient Cement

Business Today

Business Today · 5m ago

CCI approves Ambuja Cements acquiring 72.8% stake in Orient Cement

Ambuja Cements has secured approval from the Competition Commission of India to acquire up to a 72.8% stake in Orient Cement. Initially, Ambuja acquired a 46.80% stake as of October 2024. This strategic acquisition aligns with Ambuja Cements' expansion goals, potentially enhancing its market presence and operational capabilities in the cement industry. The deal underlines the ongoing consolidation trend within the industry, aiming to strengthen positions and optimize resources.

Zendesk Completes Acquisition of Klaus

Finsmes · 1y ago

Zendesk Completes Acquisition of Klaus

Zendesk has finalized its acquisition of Klaus, an AI-powered quality management platform based in Tallinn, Estonia. The terms of the deal were not disclosed. Klaus' AI technology helps spot gaps in the customer experience, automates quality management, and improves agent performance and productivity across conversations. This acquisition adds to Zendesk's existing workforce management solutions, enhancing its ability to provide comprehensive customer support and communication tools.

Accenture Completes Purchase of Navisite

Finsmes · 1y ago

Accenture Completes Purchase of Navisite

Accenture has finalized its acquisition of Navisite, a digital transformation and managed services provider based in Andover, Massachusetts. The financial details of the deal have not been disclosed. The acquisition aims to enhance Accenture's application and infrastructure managed services capabilities, enabling them to assist clients in modernizing their IT for the era of AI. Navisite brings approximately 1,500 employees to Accenture's Infrastructure Engineering practice and their expertise in cloud transformation and digital core development.

Adani-owned Ambuja Cements buys south Indian rival for $1.25 bn

VCCircle

VCCircle · 1y ago

Adani-owned Ambuja Cements buys south Indian rival for $1.25 bn

Ambuja Cements, owned by the Adani group, has acquired Penna Cement Industries for $1.25 billion. This move is aimed at expanding their presence in South India and competing with market leader UltraTech Cement. The deal will increase Adani Cement's market share by 2% across India and 8% in South India. Ambuja Cements will fund the acquisition through internal accruals. Cement makers in India are focusing on increasing production to meet the growing demand in the construction sector.

Ambuja and ACC: Are wedding bells ringing?

Livemint

Livemint · 10m ago

Ambuja and ACC: Are wedding bells ringing?

- Adani group is considering merging Ambuja Cements Ltd and ACC Ltd into a single entity, creating a cement behemoth worth over ₹2 trillion. - Jefferies and Axis Capital have been appointed to advise on the merger, which would be the largest in India's cement industry. - The merger is likely to be executed through a share swap, with the combined entity named Adani Cement Ltd. - The goal of the merger is for Adani Cement Ltd to become India's top cement maker by 2028, surpassing Ultratech Cement Ltd. - The merger may also include Sanghi Industries to bring all listed cement-making firms under one entity. - Procedural challenges related to the transfer of mining and leasing rights may arise during the merger process.

PLI Scheme For Cell Manufacturing: Reliance, Amara Raja Among 7 Companies In The Fray

Inc42 · 1y ago

PLI Scheme For Cell Manufacturing: Reliance, Amara Raja Among 7 Companies In The Fray

The Ministry of Heavy Industries has received seven bids for the global tender for production linked incentives (PLI) for 10 GWh advanced chemistry cell (ACC) manufacturing. ACME Cleantech Solutions, Amara Raja Advanced Cell Technologies, and JSW Neo Energy are among the companies that submitted bids for a cumulative capacity of 70 GWh. The PLI scheme aims to achieve a manufacturing capacity of 50 GWh of ACC and 5 GWh of niche ACC. This development comes as EV adoption is increasing in India.

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