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.