Holcim sells Indian business for US$6 billion
By Andy Brown16 September 2022
Holcim has closed the sale of its business in India to the Adani Group resulting in cash proceeds of US$6.4 billion for the Swiss-based global building materials and aggregates company.
Holcim said that the deal strengthens its balance sheet and enables the company to continue its acquisition strategy, building on recent investments of over CHF5 billion (US$5.2 billion) in Solutions & Products.
Jan Jenisch, Holcim CEO, said, “I would like to thank our 10,700 Indian colleagues who have played an essential role in the development of our business over the years with their relentless dedication and expertise. I am convinced that the Adani Group is the right home for them as well as for our customers to continue to thrive in the future.
“This divestment is another step in our transformation to become the global leader in innovative and sustainable building solutions, strengthening our balance sheet and giving us the firepower to continue our acquisition strategy.”
This transaction comprises Holcim’s entire 63.11% stake in Ambuja Cement, which owns a 50.05% interest in ACC, as well as its 4.48% direct stake in ACC.
Holcim recently announced that it had closed the sale of its business in Brazil to CSN (Companhia Siderúrgica Nacional) for an enterprise value of US$1.025 billion.