New Delhi, Business Desk: The Competition Commission of India has given its approval for the acquisition of Holcim's stake in Ambuja Limited and ACC Limited by the Adani Group.
The watchdog said in a tweet on Friday that it has approved the acquisition of the stake in Holderind Investments, Ambuja Cements, and ACC by Endeavor Trade & Investment. The proposed combination includes the acquisition of a 100 percent stake in Holderind Investments Limited by Endeavor Trade & Investment Limited.
Endeavor Trade & Investment Limited is a Mauritius-based company that belongs to the Adani Group. Holder in Investments is owned by Holderfin BV and belongs to the Switzerland-based Holcim Group and is the holding company of cement manufacturers Ambuja Cements and ACC Ltd.
Holder in Investments held 63.11 percent stake in Ambuja Cements and 4.48 percent in ACC. Apart from this, Ambuja held a 50.05 percent stake in ACC. In May, the Adani Group announced a deal to acquire a controlling stake in Holcim Limited's business Ambuja Limited and ACC Limited in India.
Simultaneously, the Adani Group had made an open offer to the public shareholders of both the companies to acquire a 26-26 percent stake in the firm.
The regulator also cleared Endeavor's open offer to buy up to a 26 percent stake in Ambuja Cements and ACC. Transactions above a certain limit require approval from the regulator, which monitors unfair trade practices in the market.
