Cement deal is biggest acquisition yet for Asia’s richest man

Asia’s richest man Gautam Adani has struck a deal with Swiss cement giant Holcim to acquire its Indian businesses for $10.5bn in cash, his biggest acquisition to date.

The Adani Group, a coal-to-ports conglomerate, will acquire Holcim’s controlling 63.2 per cent stake in Ambuja Cement and its 54.5 per cent stake in ACC. Holcim said the offer valued Ambuja Cement at Rs385 ($5) per share and ACC at Rs2,300 ($30).

Adani’s bid beat a $7bn equity offer from JSW Group.

Cement is the latest sector that the Adani Group has sought to enter via big acquisitions. While still running coal mines, Adani has made an aggressive move into solar power production and other renewable energy sources, including a $3.5bn deal for SoftBank’s renewables portfolio in 2021.

Read more: FT