Investors have put money in Ambuja Cements shares as the cement major has moved to consolidate its operations. The Adani Group company has proposed to merge its subsidiaries ACC and Orient Cement into the parent entity.
The possible acquisition of Holcim India business will be one of the biggest inbound corporate deals in the country. Currently, Walmart Inc.'s $16-billion acquisition of Flipkart Online Services in 2018 remains the biggest acquisition of an Indian asset by any acquirer, followed by BP plc acquisition of 30 per cent stake in Reliance Industries' 23 oil and gas production blocks in 2011 for $7.2 billion. Bloomberg reported late on Wednesday night that Holcim - the world's biggest cement maker - is considering a potential sale of its India business and gauging interest in its controlling stake in Ambuja Cement.
Adani Group on Friday launched its Rs 31,000-crore open offer to acquire 26 per cent additional stake from the public shareholders of Swiss firm Holcim's two Indian listed entities ACC Ltd and Ambuja Cements. In May this year, the Adani Group had announced that it had clinched a deal to acquire a controlling stake in Holcim Ltd's businesses in India for $10.5 billion. Markets regulator Sebi granted approval for the open offer last week.
Adani group firms Ambuja Cement Ltd and ACC Ltd on Thursday said no shares of the companies have been pledged by the promoters, who have only provided a "non-disposal undertaking". In a joint statement to stock exchanges, Ambuja Cement Ltd and ACC Ltd termed as "misleading" reports of pledging of shares by the promoters as part of financing their acquisition. "Consequently, there are market rumours that amid market volatility, there is a requirement to meet the top-up triggers where in there is selling pressure," the statement said.
India's largest cement firm, Ultratech Cement, has joined the race to acquire the Holcim stake in Ambuja Cements and its subsidiary, ACC. UltraTech - part of the Aditya Birla Group - submitted a non-binding bid on Wednesday. Swiss multinational Holcim, which manufactures building material, is exiting India by selling its 63.19% stake in Ambuja Cements. According to banking sources, UltraTech has submitted a plan to Holcim, outlining divestiture details that would meet the norms set by anti-trust body Competition Commission of India.
The chairman of the JSW Group of companies, Sajjan Jindal, whose stake in the group is valued at $14.5 billion (Rs 1.1 trillion), is betting $4.5 billion of his personal fortune in the firm's bid for Ambuja Cements. According to bankers, Jindal's contribution will be a combination of share sale and debts raised by pledging the stake of the target entities with private equities. The JSW Group chairman has offered $7 billion for Ambuja Cements, including $2.5 billion of investments from private equities, the Financial Times reported on Tuesday.
The open offers for the shareholders of Ambuja Cements and ACC will begin from July 6 and close on July 19, as per a tentative schedule published by the Adani family today. With an investment of $4 billion (Rs 31,139 crore), together these two open offers might constitute the biggest open offer in corporate Indian history. The mandatory open offer for the companies was made by a Mauritius based company owned by the Adani family after they acquired a 63 per cent stake in Ambuja and 4.5 per cent in ACC from Swiss cement major, Holcim for $6.5 billion. Ambuja owns a 50 per cent stake in ACC.
The ruling Bharatiya Janata Party received over Rs 785 crore in contributions from individuals, electoral trusts and corporates in 2019-20, which is over five times more than what the Congress received during the same period.
Gujarat Ambuja Cements Ltd has posted a net profit of Rs 564.60 million for the quarter ended December 31, 2002 as compared to Rs 504.40 million for the quarter ended December 31, 2001.
Top Indian cement firms are expected to report a strong earnings growth for the second quarter of the financial year 2025-26 (Q2FY26) on a year-on-year (Y-o-Y) basis, amid improved realisations, prices, and steady volume growth, but on a low base.
India's top cement producers delivered a solid July-September quarter (Q2) in 2025-26 (FY26), lifted by firmer prices, higher sales volumes, and a favourable base. Seasonal weakness and maintenance outages did dent sequential performance, but the overall picture remained positive - and the road ahead looks steady.
The projections in the cement industry are mixed. Prices and demand remained muted in the third quarter (October & November) and short term uptick doesn't seem likely. However, the second quarter of the financial year 2026 (Q2FY26) was good year-on-year (Y-o-Y) for many cement majors aided by base effect, and some analysts expect acceleration in earnings and volume in the next financial year, again aided by base effect.
Billionaire Gautam Adani's son Karan will helm the cement firms his group has acquired to become India's second largest cement player and extend his burgeoning empire that spans from ports and energy to airports and telecom.
Billionaire Gautam Adani-led Adani Group on Tuesday said it will acquire CK Birla group firm Orient Cement at a valuation of Rs 8,100 crore as part of its expansion drive. Ambuja Cements, the cement and building material company of Adani Cement and part of the diversified Adani Group, has signed a binding agreement for the acquisition of Orient Cement Ltd (OCL) at an equity value of Rs. 8,100 crore.
Ambuja Cements' announcement that it would acquire Hyderabad-based Penna Cement Industries could be the Adani Group company's first step for wider inorganic expansion, according to analysts.
With over 10 deals announced in 2024, the cement sector logged the highest number of pacts, including acquisitions and fresh financial investments, in a single calendar year since 2014, with the combined value of investments over $3.5 billion. During the year so far, 11 deals have been announced, according to Bloomberg data.
There has been a sharp slowdown in revenue and profit growth in the cement sector in recent quarters but it is yet to show in the share prices of cement companies. On the contrary, there has been a rally in cement stocks and a re-rating of their equity valuation in the past three years despite an earnings contraction during the period.
The Indian cement industry is hopeful of greener pastures after a long period of stress led by pricing pressures and other factors. The second half of FY25 is expected to bring respite due to price hikes, cost benefits and higher volumes, said analysts. The optimistic momentum also makes cement stocks attractive, analysts added, advising to buy dips following a period of bearish sentiment in these stocks.
Ultratech Cement's acquisition of a 23 per cent stake in Tamil Nadu-based India Cements is another instance of growing consolidation in the cement market in India. The deal will raise Ultratech's share, based on India Cements' revenues in FY24, in the domestic market by 230 basis points if the latter is formally acquired by the former in due course. India Cements' share was up 11.5 per cent on Thursday on market expectations of an open offer.
The Adani Group reported its highest-ever trailing twelve-month EBITDA of Rs 90,572 crore, driven by strong performance in its core infrastructure and clean energy businesses, along with contributions from its emerging airports segment, the conglomerate said on Thursday. The group reported an earnings before interest, taxes, depreciation and amortization (EBITDA) of Rs 90,572 crore for the period from July 2024 to June 2025, up from Rs 85,502 crore pre-tax profit in the trailing twelve months ending June 2024, it said in a statement.
Analysts remain selective on cement stocks amid the likely government's capex push ahead of the scheduled general elections in May 2024. While UBS has initiated coverage on the Indian cement sector with an anti-consensus negative view and suggests investors sell select cement stocks on a rally, those at Nomura remain selectively bullish on the sector and prefer companies with large brownfield optionality and multi-region presence. In the near-term, UBS expects strong earnings of cement companies in the next two quarters to be driven by robust demand and margin tailwinds, but suggests any sharp uptick in stock prices could offer a good opportunity for booking profits in the related counters.
Gujarat Ambuja Cement and Holcim on Thursday announced the completion of financial closure of Rs 3,540 crore (Rs 35.40 billion) for Ambuja Cement India.
In a move aimed at consolidating its Indian operations, Swiss cement major Holcim will increase its control in ACC and Gujarat Ambuja Cements for close to Rs 2,700 crore (Rs 27 billion).
The country's leading cement maker UltraTech on Thursday said it will acquire a 23 per cent stake in its Chennai-based rival India Cements Ltd, in a deal estimated to be around Rs 1,885 crore. As part of the transaction, UltraTech Cement will acquire 7.06 crores equity shares of India Cements at a price of up to Rs 267 per share, according to a regulatory filing from the Aditya Birla Group flagship firm.
As per Sebi's regulations, the proposed deal as such need approval from majority of public shareholders in the two listed companies -- ACC and Ambuja Cements-- as the transaction involves their promoters.
After cement, billionaire Gautam Adani's group and Kumar Mangalam Birla's Aditya Birla Group are set for a face-off in the wires and cable business with both conglomerates announcing forays into the high double-digit growth sector.
Billionaire Gautam Adani on Sunday won the race to acquire Swiss cement major Holcim's stake in Ambuja Cements and its subsidiary ACC for $10.5 bn (around Rs 81,361 crore), including the open offers. The Adani family, through an offshore special-purpose vehicle, announced that it had entered into definitive agreements for the acquisition of Holcim Ltd's entire stake in two of India's leading cement companies -- Ambuja Cements and ACC -- the Adani group said in a statement. The group outbid Ultratech and JSW group to enter the cement industry and also emerge as the country's second-largest cement manufacturer, with 70 million tonnes of capacity annually.
The recent price correction in broader markets has hit cement companies hard. So far in the current month, smallcap firms like Visaka Industries, Andhra Cements NCL Industries, Sahyadri Industries, and KCP have lost 19.7 per cent, 14.3 per cent, 13.8 per cent, 13.5 per cent, and 11.5 per cent, respectively. On the contrary, largecap companies, while registering losses for the month, have seen a softer blow.
Gujarat Ambuja Cements Ltd allotted 1400 shares on exercise of the stock options by the employees.
Ports-to-energy conglomerate Adani Group saw a 29 per cent rise in tax outgo across portfolio companies to nearly Rs 75,000 crore, it said on Thursday. This includes both direct and indirect taxes paid, as well as payments towards employee social security.
Life Insurance Corporation (LIC) , the country's largest domestic institutional investor (DII), has seen a Rs 46,000 crore erosion in the value of its equity holdings amid market downturns in July. The benchmark indices, Nifty 50 and BSE Sensex, have slipped 2.6 per cent from their June 2025-end level to 24,837 and 81,463.09 respectively.
Too many thorny issues, parent Holcim will take up matter later.
Narotam S Sekhsaria on Monday resigned as the managing director of Gujarat Ambuja Cements.
Cement major Gujarat Ambuja Cements Ltd on Monday said Holderind Investments Ltd (Holcim Mauritius) has 14.8 per cent stake in the company.
Gujarat Ambuja Cements Ltd's board will meet on January 29, 2003 to consider quarterly/ half-yearly unaudited financial results for the quarter/half year ended December 31, 2002.
UltraTech Cement's announcement that it would snap up a controlling stake in India Cements may only be a sign of more to come. In the wake of one of the country's most expensive deals in recent times, cement majors may slug it out to add smaller firms from the region to their portfolio. UltraTech's buy is the latest in the four deals the southern market has seen in less than a year, with Adani Cement being the other buyer.
Geopolitical developments between India and Pakistan, quarterly earnings and macro data will be the key drivers of stock markets in the holiday-shortened week, say analysts.
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