The Competition Commission of India (CCI) has given its approval for the acquisition of Holcim’s stake in Ambuja Ltd. and ACC Ltd by the Adani Group.
In a tweet on Friday, the watchdog said it had approved the “acquisition of the stake in Holderind Investments, Ambuja Cements and ACC by Endeavour Trade and Investment.”
The proposed combination involves acquisition of 100% stake in Holderind Investments Ltd. by Endeavour Trade and Investment Ltd.
Endeavour Trade and Investment Ltd. is a Mauritius-based company and belongs to the Adani Group.
Holderind Investments is held by Holderfin BV and belongs to the Switzerland-based Holcim group and is a holding company of cement manufacturers Ambuja Cements and ACC Ltd.
Holderind Investments owned 63.11% stake in Ambuja Cements and 4.48% stake in ACC and further, Ambuja held 50.05% stake in ACC.
In May, Adani Group announced a deal to acquire a controlling stake in Holcim Ltd.’s businesses in India – Ambuja Ltd. and ACC Ltd.
Along with it, Adani Group had made an open offer to public shareholders of both the companies to acquire 26% stake each in the firm.
The regulator also approved Endeavour’s open offer for further acquisition of stake purchase of up to 26% stake each in Ambuja Cements and ACC.
Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices in the marketplace.
