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Adani to acquire Holcim’s stake in Ambuja Cements and ACC Ltd

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The Adani Family, through an offshore special purpose vehicle, announced that it had entered into definitive agreements for the acquisition of Switzerland-based Holcim Ltd’s entire stake in two of Indias leading cement companies -Ambuja Cements Ltd and ACC Ltd.

Holcim, through its subsidiaries, holds 63.19 per cent in Ambuja Cements and 54.53 per cent in ACC (of which 50.05 per cent is held through Ambuja Cements). The value for the Holcim stake and open offer consideration for Ambuja Cements and ACC is $10.5 billion, which makes this the largest ever acquisition by Adani, and India’s largest ever M&A transaction in the infrastructure and materials space.

“Our move into the cement business is yet another validation of our belief in our nation’s growth story,” said Adani Group Chairman Gautam Adani.

“Not only is India expected to remain one of the world’s largest demand-driven economies for several decades, India also continues to be the world’s second largest cement market and yet has less than half of the global average per capita cement consumption. In statistical comparison, China’s cement consumption is over 7x that of India’s. When these factors are combined with the several adjacencies of our existing businesses that include the Adani Group’s ports and logistics business, energy business, and real estate business, we believe that we will be able to build a uniquely integrated and differentiated business model and set ourselves up for significant capacity expansion.”

Adani added: “Holcim’s global leadership in cement production and sustainability best practices brings to us some of the cutting-edge technologies that will allow us to accelerate the path to greener cement production. In addition, Ambuja Cements and ACC are two of the strongest brands recognised across India. When augmented with our renewable power generation footprint, we gain a big headstart in the decarbonisation journey that is a must for cement production. This combination of all our capabilities makes me confident that we will be able to establish the cleanest and most sustainable cement manufacturing processes that will meet or exceed global benchmarks.”

“I am delighted that the Adani Group is acquiring our business in India to lead its next era of growth,” Holcim Ltd CEO Jan Jenisch said. “Mr Gautam Adani is a highly recognised business leader in India who shares our deep commitment to sustainability, people and communities. I would like to thank our 10,000 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 confident that the Adani Group is the perfect home for them as well as our customers to continue to thrive.”

With India’s cement consumption at just 242 kg per capita, as compared to the global average of 525 kg per capita, there is significant potential for the growth of the cement sector in India. The tailwinds of rapid urbanisation, the growing middle class and affordable housing together with the post-pandemic recovery in construction and other infrastructure sectors are expected to continue driving the growth of the cement sector over the next several decades.

Ambuja Cements and ACC currently have a combined installed production capacity of 70 MTPA. The two companies are among the strongest brands in India with immense depth of manufacturing and supply chain infrastructure, represented by their 23 cement plants, 14 grinding stations, 80 ready-mix concrete plants and over 50,000 channel partners across India.

Both Ambuja and ACC will benefit from synergies with the integrated Adani infrastructure platform, especially in the areas of raw material, renewable power and logistics, where
Adani Portfolio companies have vast experience and deep expertise. This will enable higher margins and return on capital employed for the two companies. The companies will also benefit from Adani’s focus on ESG, Circular Economy and Capital Management Philosophy.

The businesses will continue to be deeply aligned to UN Sustainability Development Goals with clear focus on SDG 6 (Clean Water and Sanitation), SDG 7 (Affordable and Clean Energy), SDG 11 (Sustainable Cities and Communities) and SDG 13 (Climate Action).

The acquisition is subject to regulatory approvals and conditions.

Business

Sensex smashes 86,000 for 1st time, Nifty hits new record

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Mumbai, Nov 27: Indian stock markets continued their strong momentum on Thursday, with both the Sensex and Nifty hitting new record highs.

Investors remained optimistic as hopes of interest rate cuts in the US and India grew stronger, while steady buying by foreign investors further boosted sentiment across sectors.

The Nifty climbed to a fresh all-time high of 26,306.95, surpassing its previous record of 26,277.35 touched on September 27, 2024.

The Sensex also crossed a major milestone, moving past the 86,000 mark for the first time to reach 86,026.18.

Among the top performers in the Nifty50 pack were Bajaj Finance, Shriram Finance, Asian Paints, Bajaj Finserv and Larsen & Toubro, all gaining up to 2 percent.

These stocks helped support the market’s upward move. Foreign portfolio investors maintained their buying momentum, turning net buyers for the second consecutive session on Wednesday.

They invested Rs 4,778.03 crore in Indian equities, following an inflow of Rs 785.32 crore on Tuesday. This consistent buying helped keep domestic markets strong.

Market sentiment also stayed positive due to growing expectations that the US Federal Reserve may cut interest rates in December.

The Nifty had already recorded its best trading session in five months on Wednesday, closing at a 14-month high, supported by gains in rate-sensitive sectors ahead of the Reserve Bank of India’s policy meeting next week.

Asian markets were also trading higher, reflecting global optimism. Investors increased their bets that the US Fed will cut rates next month, with the CME FedWatch tool showing the probability rising sharply to around 85 per cent from just 30 percent a week earlier.

Major Asian indices, including South Korea’s Kospi, Japan’s Nikkei 225, Shanghai’s SSE Composite and Hong Kong’s Hang Seng, were all in the green.

US markets had also closed higher on Wednesday, adding to the positive global sentiment.

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Union Cabinet approves Pune Metro Rail Project Phase 2 with Rs 9,857 crore outlay

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New Delhi, Nov 26: In a major boost for the public transport network in Pune, the Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved Line 4 (Kharadi–Hadapsar–Swargate–Khadakwasla) and Line 4A (Nal Stop–Warje–Manik Baug) with Rs 9,857.85 crore outlay under Phase 2 of the Pune Metro Rail Project.

According to the Cabinet, this is the second major project approved under Phase-2, following the sanction of Line 2A (Vanaz–Chandani Chowk) and Line 2B (Ramwadi–Wagholi/Vitthalwadi). With this latest approval, Pune Metro’s network will expand beyond the 100-km milestone, a significant step in the city’s journey towards a modern, integrated, and sustainable urban transit system.

Spanning 31.636 km with 28 elevated stations, Line 4 and 4A will connect IT hubs, commercial zones, educational institutions, and residential clusters across East, South, and West Pune.

The project will be completed within five years at an estimated cost of Rs 9,857.85 crore, to be jointly funded by the Centre, the Maharashtra government, and external bilateral/multilateral funding agencies.

These lines are a vital part of Pune’s Comprehensive Mobility Plan (CMP) and will seamlessly integrate with operational and sanctioned corridors at Kharadi Bypass and Nal Stop (Line 2), and Swargate (Line 1).

“They will also provide an interchange at Hadapsar Railway Station and connect with future corridors towards Loni Kalbhor and Saswad Road, ensuring smooth multimodal connectivity across metro, rail, and bus networks,” a Cabinet communique said.

The project will be implemented by the Maharashtra Metro Rail Corporation Limited (Maha-Metro), which will carry out all civil, electrical, mechanical, and systems works.

Pre-construction activities such as topographical surveys and detailed design consultancy are already underway, according to the Cabinet.

According to projections, the daily ridership on Line 4 and 4A combined is expected to be 4.09 lakh in 2028, rising to nearly 7 lakh in 2038, 9.63 lakh in 2048, and over 11.7 lakh in 2058.

Of this, the Kharadi–Khadakwasla corridor will account for 3.23 lakh passengers in 2028, growing to 9.33 lakh by 2058, while the Nal Stop–Warje–Manik Baug spur line will rise from 85,555 to 2.41 lakh passengers over the same period.

These projections highlight the significant growth in ridership expected on Line 4 and 4A over the coming decades.

With Line 4 and 4A, Pune will not just get more metro tracks but will also gain a faster, greener, and more connected future. These corridors are designed to give back hours of commuting time, reduce traffic chaos, and provide citizens with a safe, reliable, and affordable alternative.

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Assam saw major drop in child marriage cases under BJP govt: CM Sarma

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Guwahati, Nov 26: Assam Chief Minister Himanta Biswa Sarma on Wednesday underscored a “major turnaround” in the state’s battle against child marriage, saying a combination of stringent enforcement and systemic reforms has led to significant declines in the underage marriages and boosted legal accountability.

CM Sarma claimed that according to NFHS‑4 (2015-16) data, 31.8 per cent of women in Assam aged 20–24 were married before turning 18 – a rate that exceeded the national average.

Moreover, district-level fact sheets had recorded alarming prevalence in districts such as Dhubri, South Salmara, Barpeta and Nagaon, as high as 40–55 per cent.

However, the state now claims a decisive shift. Between 2023 and 2024 alone, more than 8,600 arrests were made in coordinated crackdowns under both the Protection of Children from Sexual Offences Act (POCSO) and the Prohibition of Child Marriage Act (PCMA).

According to the Chief Minister, in 2022 the number of cases registered stood at 224, sharply up from just 149 in 2021, indicating a steep rise in enforcement.

CM Sarma said, “Beyond arrests, Assam has formed district-level task forces, headed by superintendents of police, to track and intercept impending child marriages. Community-level workers – including ASHAs, Anganwadi staff and schoolteachers – are now required to report suspected cases in real time.”

“Several districts have also reportedly established digital databases and child-protection tracking mechanisms,” he added.

The CM claimed that these measures have borne fruit: In hotspot districts, the incidence of child marriage fell by 8–17 per cent within a year, and more than 3,000 planned child marriages were prevented in 2023–24 alone.

Notably, the Assam government’s recent actions – from sustained crackdowns to setting up institutional safeguards – reflect a far more aggressive stance on child marriage than seen in earlier years, when the practice was largely treated as a social issue rather than a crime.

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