CCI: Adani Group ready for dominance in cement business, approval for acquisition of ACC and Ambuja Cement

The Competition Commission of India (CCI) has approved the acquisition of Ambula Cements and ACC to Adani Group. Let us inform that in the month of May, the Adani Group had decided to take over the country’s leading cement brands from the Holcim group for $10.5 billion (about Rs 81,339 crore). With this acquisition, the Adani Group has become the second largest player in the country after UltraTech in cement production. Before the acquisition, Holcim held 63.19% in Ambuja Cement while Ambuja Cement held 54.53 per cent in ACC.

Companies were fined for increasing the price of cement

Let us tell you that some time ago, the Competition Commission had imposed a fine of Rs 1164 crore on Ambuja Cement and Rs 1148 crore on ACC for raising the prices of cement. Both the companies had challenged their action before the Appellate Authority. Presently the matter is pending in the Supreme Court. In this case, the Holcim group had said that the new owner would be responsible for the penalty imposed on Ambuja Cements and ACC after the acquisition.

Expansion

The Competition Commission of India (CCI) has approved the acquisition of Ambula Cements and ACC to Adani Group. Let us inform that in the month of May, the Adani Group had decided to take over the country’s leading cement brands from the Holcim group for $10.5 billion (about Rs 81,339 crore). With this acquisition, the Adani Group has become the second largest player in the country after UltraTech in cement production. Before the acquisition, Holcim held 63.19% in Ambuja Cement while Ambuja Cement held 54.53 per cent in ACC.

Companies were fined for increasing the price of cement

Let us tell you that some time ago, the Competition Commission had imposed a fine of Rs 1164 crore on Ambuja Cement and Rs 1148 crore on ACC for raising the prices of cement. Both the companies had challenged their action before the Appellate Authority. Presently the matter is pending in the Supreme Court. In this case, the Holcim group had said that the new owner would be responsible for the penalty imposed on Ambuja Cements and ACC after the acquisition.