Adani group becomes the second largest cement maker in the country after completing its acquisition of Ambuja Cements and ACC on Friday.
Adani Group, owned by billionaire Gautam Adani, had no cement-making operations previously but had said the firms were a good fit given its ports and logistics, energy and real estate businesses.
Adani Group paid $6.4 billion in cash to acquire Switzerland-based Holcim's 63.1 per cent stake in Ambuja Cements Ltd and 54.5 per cent holding in ACC Ltd.
According to a statement, the Adani group completed the acquisition through their special purpose business Endeavour Trade and Investment Ltd after concluding the deal with the Swiss company Holcim through an open offer.
"The transaction involved the acquisition of Holcim's stake in Ambuja and ACC along with an open offer in both entities as per SEBI Regulations," it said.
The value of the Holcim stake and open offer consideration for Ambuja Cements and ACC is $6.50 billion, which makes this the largest ever acquisition by Adani, and also India's largest ever M&A transaction in the infrastructure and materials space, it added.
Gautam Adani said: "what makes cement an exciting business is the headroom for growth in India, which exceeds that of every other country well beyond 2050."
The Adani Group announced in May said it had reached an agreement to buy the majority of the Indian operations of Holcim Ltd.
"The Board of Ambuja Cements approved an infusion of INR 20,000 crore into Ambuja by way of preferential allotment of warrants. This will equip Ambuja to capture the growth in the market," the statement said.
The Holcim divestment is the Swiss company's most recent attempt to lower their exposure to cement production's high carbon footprint and improve its environmental, social, and corporate governance (ESG) credentials.
While UltraTech Cement claims a capacity of 120 million tonnes, Ambuja and ACC together have the ability to produce at least 70 million tonnes of cement annually. Over 10,700 people are employed by the 31 cement manufacturing sites that Ambuja and ACC jointly own.