Adani Group had made an open offer to the public shareholders of both the companies to acquire 26% stake each in the firm
Adani Group had made an open offer to the public shareholders of both the companies to acquire 26% stake each in the firm
Competition Commission of India (CCI) has given its approval for Holcim’s stake acquisition in Ambuja Limited and ACC Limited by Adani Group.
In a tweet on Friday, the watchdog said it has approved the “acquisition of stake in HolderEnd Investments, Ambuja Cements and ACC” by Endeavor Trade & Investment.
The proposed combination includes the acquisition of 100% stake in Holderind Investments Limited by Endeavor Trade & Investment Limited.
Endeavor Trade & Investment Limited is a Mauritius based company and belongs to the Adani Group.
Holderind 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 63.11% stake in Ambuja Cements and 4.48% stake in ACC and furthermore, Ambuja held 50.05% 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 26% stake in the firm.
The regulator also approved Endeavor’s open offer to buy up to 26% stake each in Ambuja Cements and ACC.
Deals above a certain threshold require approval from the regulator, which monitors unfair trade practices in the market.