India's Adani Group acquired a controlling stake in Holcim AG's cement businesses in India in a $10.5 billion deal

Adani Group become the second biggest cement producer in the country, Adani Group said in a statement on Sunday.

Asia's richest person Gautam Adani's conglomerate acquired 63.19% of  Ambuja Cements Ltd and its subsidiary ACC in fierce bidding with local  companies.

Ambuja and ACC have a combined capacity to produce at least 70 million tonnes of cement annually

UltraTech Cement Is at 1st position having 120 million tonnes capacity.

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.