Cyril Amarchand Mangaldas and AZB act on Adani’s acquisition of Holcim
Considered the largest-ever acquisition in India’s infra and material space, the assets were worth $10.5 billion
The Adani Group, owned by Indian billionaire industrialist Gautam Adani has won the race to acquire the Swiss cement major Holcim Limited’s stake in Ambuja Cements and its subsidiary ACC for approximately Rs.81,361 crore.
While Holcim owns 63.19 percent in Ambuja Cement and 4.48 percent in ACC, Ambuja Cement owns 50.05 percent in ACC.
The Adani family is now set to make an open offer to buy 26 percent in these two companies from non-promoter shareholders. The buyout will catapult the Adani Group to the second-largest player in India’s cement industry, which has an installed capacity of around 500 million tonnes.
Meanwhile, with 120 million tonnes per annum, UltraTech remains the largest player in the cement industry.
The Adani Group was advised by Cyril Amarchand Mangaldas, with the team led by Managing Partner Cyril Shroff along with Partners Paridhi Adani and Anchal Dhir.
While Partner Subhalakshmi Naskar advised on the financing aspects, Partner Avaantika Kakkar has been taking care of the competition law.
Commenting on the transaction, Cyril Shroff said, “It was an honor to lead this unique transaction. These deal sizes and complexities are a sign of things to come for big-ticket M&A. It was a huge team effort with many lawyers across our firm contributing to it.”
Even as AZB & Partners advised Holcim, Ambuja, and ACC, the team was led by Senior Partner Ashwath Rau along with Partners Kashish Bhatia and Jasmin Karkhanis and Associates Aditi Shukla, Vardhit Singhania and Shubhangi Tewari.
Advised by Shardul Amarchand Mangaldas & Co, the other bidder for ACC was Aditya Birla-controlled Ultratech.