Business
Adani to acquire Holcim’s stake in Ambuja Cements and ACC Ltd
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
Indian startups making key advances in low-cost rockets in threat to SpaceX: Sridhar Vembu

New Delhi, Oct 10: Zoho’s Chief Scientist and Co‑founder Sridhar Vembu on Saturday said that Indian startups are making major advances in low-cost rockets in threat to SpaceX.
“Directly due to Prime Minister Narendra Modi’s government policy, Indian startups are making major advances in low-cost rockets and that poses a threat to SpaceX in the same way the Chinese EVs threaten Tesla,” Vembu posted on X responding to a post by Starlink Founder Elon Musk.
Further, the tech leader also said medicine prices in India are among the lowest globally and pointed to the Unified Payments Interface (UPI) as an example of low‑cost payment infrastructure.
“India has among the lowest drug prices in the world (and is still going lower). People who visit India buy medicines to take home quite regularly now,” the X post said.
“Prime Minister Narendra Modi has worked hard to create a competitive economy where the benefits flow to the average Indian,” Vembu wrote, adding that the Indian government does not tolerate monopolies.
“He has also actively promoted and encouraged a massive surge in startups, and that is the best signal of a highly competitive economy,” the post said.
Vembu supported India’s economic and digital policies, hailing the country’s low data costs and competitive markets.
He said Indians routinely use dual‑SIM phones with large data plans because they are affordable.
“India has among the lowest data prices in the world. It is so good that I don’t even bother to connect to local Wi-Fi when I travel in India and just tether my phone to work on my computer,” he said.
In a separate post on Friday, Vembu said Indians have made major contributions to US technology prowess but warned that many on US visas face the prospect of uprooting lives built through hard work.
“A big part of America no longer wants us,” the Zoho Co-founder said.
Business
Govt disconnects over 82 lakh fraudulent mobile connections via ASTR

New Delhi, Oct 9: India has disconnected over 82 lakh fraudulent mobile connections through the Artificial Intelligence and Facial Recognition powered Telecom SIM Subscriber Verification (ASTR) tool, Union Minister of State for Communications and Rural Development Dr Chandra Sekhar Pemmasani said on Friday.
Addressing the International Telecommunication Union (ITU) Roundtable on “Implementing ITU Standards to Combat Fraudulent Communications” on the sidelines of the India Mobile Congress (IMC) 2026 here, the minister said the country has built a robust and layered defence mechanism against telecom-related fraud and cybercrime.
He noted that organised fraud networks are becoming increasingly sophisticated, with scams involving impersonation, so-called digital arrests, AI-generated voice cloning and deepfakes posing significant challenges. According to the minister, Indians lost more than Rs 22,800 crore to such fraud in 2024.
Dr Pemmasani said India has adopted a five-layered approach to tackle fraudulent communications. This includes real-time blocking of spoofed international calls, identification and disconnection of suspicious mobile connections through the ASTR platform, citizen participation via the Sanchar Saathi initiative, intelligence sharing through the Digital Intelligence Platform (DIP), and targeted action against emerging fraud channels.
Highlighting the impact of these initiatives, he said the Sanchar Saathi app has been downloaded around 25 million times, enabling citizens to actively participate in reporting suspected fraud and misuse of telecom resources.
The minister added that the Digital Intelligence Platform currently connects more than 1,600 organisations, including telecom service providers, banks and law-enforcement agencies, facilitating real-time information sharing to detect and prevent fraudulent activities.
He further said that the Financial Fraud Risk Indicator has helped avert suspected financial losses exceeding Rs 5,000 crore over the past 15 months by enabling timely intervention against fraudulent transactions.
Emphasising the need for international collaboration, Dr Pemmasani said fraud has become a global problem that requires coordinated global solutions.
He underscored the importance of adopting international standards for digital verification of caller identities across networks to curb cross-border fraud.
Welcoming the ITU’s proposal for joint trials among governments, regulators, telecom operators and technology companies, he said India is ready to participate and contribute to the development of global frameworks for trusted communications.
Business
Skill training institutes no less than IITs, IIMs: PM Modi urges youth to champion skill development

New Delhi, Oct 9: Prime Minister Narendra Modi on Friday met members of India’s contingent that delivered an impressive performance at the WorldSkills Competition Shanghai 2026, congratulating the young participants for showcasing their talent and skills on the global stage.
The interaction took place at the Prime Minister’s residence at 7, Lok Kalyan Marg, where PM Modi lauded the competitors for their achievements and encouraged them to continue excelling in their respective fields.
Sharing details of the meeting on social media, the Prime Minister praised the participants for their outstanding performance at the international skills competition and said it was a pleasure to interact with and motivate the young achievers.
The Prime Minister underlined the objective behind establishing a separate Ministry for Skill Development and said that the importance of skill training institutions is no less than that of IITs and IIMs. He encouraged the participants to share their experiences and suggestions with the government to help improve India’s skill training system.
India recorded its best-ever performance at the 48th WorldSkills Competition, held from September 22 to 27 at the National Exhibition and Convention Center (NECC) in Shanghai. The country secured six silver medals and 20 Medallions for Excellence, finishing 10th in the overall rankings.
The latest result marks a significant improvement from the previous edition of the competition held in France’s Lyon in 2024, where India finished 13th with four bronze medals and 12 Medallions for Excellence.
The improved ranking reflects the growing capabilities of India’s skilled workforce and its rising presence in global skills competitions.
According to the Ministry of Skill Development and Entrepreneurship, the six-day event brought together more than 1,400 young competitors from nearly 70 countries and regions.
India fielded its largest-ever contingent, comprising 70 competitors, who participated in 63 skill categories spanning emerging technologies, advanced manufacturing, engineering, creative industries and specialised services.
After four days of intense competition, winners were honoured during the closing ceremony held in Shanghai on September 27. The event celebrated excellence in technical expertise, innovation, precision and craftsmanship, drawing participants, industry leaders, experts and international delegations from across the world.
India’s participation in WorldSkills Shanghai 2026 was coordinated by the National Skill Development Corporation (NSDC) under the Ministry of Skill Development and Entrepreneurship, with support from Sector Skill Councils, industry partners, training institutions and technical experts.
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