Correct Answer : Option (B) - Adani Group
Adani Group has acquired a controlling stake in Swiss-based Holcim AG's cement businesses in India in a $10.5 billion deal.
The Adani Group has acquired 63.19% of Ambuja Cements Ltd and its subsidiary ACC in the bidding with companies.
With this deal, Adani becomes the second biggest cement producer in the country after the Aditya Birla Group-owned UltraTech Cement.
The divestment of India businesses by Holcim is to reduce its reliance on carbon-intensive cement production.
Holcim said in a statement it had signed a binding agreement for the Adani Group to acquire Holcim's business in India, comprising its stake in Ambuja Cement, which owns a 50.05% interest in ACC, as well as its
4.48% direct stake in ACC. Holcim would receive nearly
$6.4 billion for the stakes.
Source : Live Mint
Published On : May 17, 2022
Category : Business and Economics
