ACC Limited (NSEI:ACC) agreed to acquire 55% stake in Asian Concretes and Cements Pvt. Ltd for INR 4.3 billion on January 8, 2024. The transaction is for an enterprise value of INR 7.8 million.

After the completion of the transaction, Asian Concretes and Cements will become a wholly owned subsidiary of ACC Limited. The transaction will be funded from internal accruals. Asian Concretes reported a turnover of INR 3 billion on March 31, 2023.

The transaction will close within 7 working days. The acquisition is value accretive given that it will balance Adani Cement?s clinker facilities in North India.