Categories: Economy

Gautam Adani’s group pumps 10.5 billion dollars in cement deal with Swiss giant

<p>
The Adani group has pumped in a hefty  $10.5 billion in the strategic cement sector anticipating a surge in demand in a rising India.</p>
<p>
Gautam Adani’s conglomerate  has acquired a controlling stake in  the cement business in India of Swiss giant Holcim. In doing so , the group became the second largest cement producer in the country, after UltraTech, which is owned by Kumar Mangalam Birla, a fellow billionaire.</p>
<p>
The deal is expected to  contribute to India’s rise, in which a construction boom, driven by urbanization, affordable housing and infrastructure development would be natural.</p>
<p>
India is "the world's second-largest cement market and yet has less than half of the global average per capita cement consumption," according to an Adani group statement. "Our move into the cement business is yet another validation of our belief in our nation's growth story," Gautam Adani said after signing the deal in Geneva.</p>
<p>
<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="480" src="https://www.youtube.com/embed/yy2w5h_TPpw" title="YouTube video player" width="853"></iframe></p>
<p>
Ambuja, ACC Cements sale: Adani group nears $10bn deal for Holcim India business – YouTube</p>
<p>
Ambuja and ACC together can produce at least 70 million tons of cement annually, second only to UltraTech Cement, which can churn out 120 million tonnes.</p>
<p>
An Adani statement said that the group had entered into definitive agreements to acquire Holcim's entire stake in Ambuja and ACC, using an  offshore special-purpose vehicle.</p>
<p>
Gautam Adani, who started his career as a diamond sorter, is, as of now India's richest man with a net worth of $114.8 billion. The group has listed companies in the ports, airports, renewable energy and food products sectors.</p>
<p>
<strong>Also Read:  <a href="https://wire.aniin.net/news/abu-dhabi-based-ihc-invests-2-billion-in-adani-group-companies20220517164142/">Abu Dhabi-based IHC invests $2 billion in Adani group companies</a></strong></p>

IN Bureau

Recent Posts

Baloch Yakjehti Committee releases documentary to honour Karima Baloch’s legacy

On the 4th death anniversary of human rights activist Karima Baloch, the Baloch Yakjehti Committee…

2 hours ago

EAM Jaishankar to visit US from December 24-29

External Affairs Minister S Jaishankar will visit the US from December 24-29 to discuss key…

3 hours ago

Balochistan: Medical students protest campus closure, security crackdown

Students at the Bolan Medical College (BMC) in Balochistan's Quetta entered the 27th day of…

4 hours ago

Climate change, health risks escalate amid surge in PoGB deforestation

The intensifying cutting of trees for firewood in Pakistan-occupied Gilgit-Baltistan (PoGB) is not only worsening…

5 hours ago

India’s retired judges, bureaucrats call for “immediate end” to attacks on minorities in open letter to Bangladesh

A group of retired judges, bureaucrats, Army officials and other civil society members have penned…

5 hours ago

Israel, Slovakia sign historic USD 582 million deal to boost Air Defense capabilities

Israel and Slovakia signed a 2 billion shekel (USD 582 million) agreement on Monday to…

6 hours ago