Adani-owned ACC Limited on Monday announced that it has completed the acquisition of Asian Concretes and Cements Private Limited, having bought the remaining 55 percent stake – valued at Rs 425.96 crores – in the company, in a deal that clocked an enterprise value of Rs 775 crore
The company has done a “successful acquisition of 55 percent stake in ACCPL from its existing promoter at an enterprise value of Rs 775 crore resulting in entire ownership of ACCPL,” said an ACC statement.
The Adani Group company already has a 45 percent equity stake in Asian Concretes and Cements, with Monday’s deal giving the cement conglomerate 100% control.
“Cost of acquisition is Rs. 425.96 crores for 55% equity stake,” ACC said in the filing.
ACCPL has a 1.3 MTPA cement capacity in Nalagarh, Himachal Pradesh, while its subsidiary Asian Fine Cements Pvt Ltd (AFCPL) has a 1.5 MTPA cement capacity in Rajpura, Punjab.
“This acquisition is funded through internal accruals and will help ACC & its parent company Ambuja to further bolster market leadership in the lucrative North India market,” it said.
With this acquisition, ACC’s cement capacity has increased to 38.55 MTPA (million tonne per annum) and together with its parent company Ambuja, the capacity of Adani Cement has risen to 76.10 MPTA.
“With this acquisition, we are furthering our growth trajectory, enriching our portfolio, and continuing to accelerate our journey towards value creation for all our stakeholders. This aligns seamlessly with our vision for expansion,” said ACC CEO Ajay Kapur.
The total capacity of cement production under Adani Group portfolio is 77.4 MTPA, which includes the 1.3 MTPA Dahej unit under Adani Cementation Ltd.
