New Delhi:
The Competition Commission of India (CCI) has approved 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 has approved the “acquisition of its stake in Holderind Investments, Ambuja Cements and ACC by Endeavor Trade and Investment”.
The proposed combination includes the acquisition of a 100 percent interest in Holderind Investments Ltd by Endeavor Trade and Investment Ltd.
Endeavor Trade and Investment Ltd is a Mauritius based company and belongs to the Adani Group.
Holderind Investments is owned by Holderfin BV and belongs to the Swiss-based Holcim group and is a holding company of cement manufacturers Ambuja Cements and ACC Ltd.
Holderind Investments owned a 63.11 percent interest in Ambuja Cements and a 4.48 percent interest in ACC and Ambuja also owned a 50.05 percent interest in ACC.
In May, Adani Group announced an agreement to acquire a controlling interest in Holcim Ltd’s businesses in India — Ambuja Ltd and ACC Ltd.
In addition, Adani Group had made an open offer to the public shareholders of both companies to each acquire a 26 percent stake in the company.
The regulator also approved Endeavor’s open offer for a further acquisition of up to 26 percent each in Ambuja Cements and ACC.
Deals above a certain threshold require regulatory approval, which monitors unfair trading practices in the market.
(Except for the headline, this story has not been edited by DailyExpertNews staff and has been published from a syndicated feed.)