ACC Limited, Owned by Gautam Adani, Acquires Majority Stake in Asian Concretes and Cements
In a significant expansion move, ACC Limited, part of the Adani Group, has acquired a 55% stake in Asian Concretes and Cements, enhancing its position in the North Indian cement market.
India: ACC Limited, a cement company under the Adani Group, has successfully acquired an additional 55% stake in Asian Concretes and Cements Private Limited (ACCPL). This acquisition, valued at 775 crore rupees in enterprise value, brings ACC Limited's total ownership in ACCPL to 100%. The deal includes 35 crore rupees in cash and cash equivalents.
This strategic acquisition is set to bolster ACC Limited's and its parent company Ambuja Cements' position in the attractive cement market of North India. ACCPL, located in Nalagarh, Himachal Pradesh, has a cement capacity of 1.3 MTPA, while its subsidiary, Asian Fine Cements Private Limited (AFCPL) in Rajpura, Punjab, boasts a capacity of 1.5 MTPA. Following this deal, ACC Limited's cement capacity has increased to 38.55 MTPA, and together with Ambuja, the combined capacity now stands at 76.10 MTPA.
The acquisition marks a significant step in ACC Limited's growth strategy, reflecting the company's commitment to expanding its footprint in the cement industry. Over the past six months, ACC Limited's shares have seen a surge of over 33%, rising from 1796.75 rupees to 2400.80 rupees.
Source:
Live Hindustan
