Switzerland’s Holcim has closed the sale of Ambuja Cement and ACC (Ambuja’s subsidiary) to the Adani Group, resulting in cash proceeds of $6.4 billion.
“This transaction strengthens Holcim’s balance sheet and enables the company to continue its acquisition strategy, building on recent investments of over CHF 5 billion in solutions & products,” said the company in a statement, referring to the Swiss franc.
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“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,” said Jan Jenisch, Holcim’s CEO.
“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,” he said.
This transaction comprises Holcim’s entire 63.11 per cent stake in Ambuja Cement, which owns a 50.05 per cent interest in ACC, as well as its 4.48 per cent direct stake in ACC.