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    512599   INE423A01024

ADANI ENTERPRISES LIMITED

(512599)
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End-of-day quote Bombay Stock Exchange  -  2022-06-23
2161.50 INR   +2.47%
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Adani Group to Buy Holcim's India Cement Business in $10 Billion Deal

05/15/2022 | 06:00pm EDT

By P.R. Venkat


One of India's largest business groups has agreed to buy Holcim Ltd.'s cement business in India, in a $10.5 billion deal that is biggest ever acquisition in the country's infrastructure and materials industry.

The Adani Group will buy Switzerland-based Holcim's stake in Indian listed companies Ambuja Cements Ltd. and ACC Ltd., which will make Adani India's second-largest cement maker, Adani Group said Sunday.

Holcim, through subsidiaries, holds 63.19% in Ambuja Cements and 54.53% in ACC.

The value for the Holcim stake and open offer consideration for Ambuja Cements and ACC is $10.5 billion, which also makes it the largest ever acquisition by Adani Group.

The transaction, which is subject to regulatory approvals, is expected to close in the second half of this year, the statement said.

India's cement consumption of just 242 kilograms per capita, compared with the global average of 525 kilograms per capital, means there is significant potential for growth in its cement industry, the statement said.

"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," Adani Group chairman Gautam Adani said.

Adani Group is a diversified conglomerate in India with market cap of about $177 billion comprising seven publicly traded companies.

The group has business interest in infrastructure industries from energy to logistics to management of airports.


Write to P.R. Venkat at venkat.pr@wsj.com


(END) Dow Jones Newswires

05-15-22 2000ET

Stocks mentioned in the article
ChangeLast1st jan.
ACC LTD 0.37% 2098.2 Delayed Quote.-5.66%
ADANI ENTERPRISES LIMITED 2.47% 2161.5 End-of-day quote.26.51%
ADANI PORTS & SPECIAL ECONOMIC ZONE LIMITED 1.64% 686.4 Delayed Quote.-7.53%
ADANI POWER LIMITED 4.69% 264.45 Delayed Quote.153.36%
ADANI TRANSMISSION LIMITED 2.60% 2152.9 End-of-day quote.24.24%
AMBUJA CEMENTS LIMITED 0.47% 360.7 End-of-day quote.-4.46%
HOLCIM LTD 1.86% 43.72 Delayed Quote.-7.72%
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Financials
Sales 2022 598 B 7 639 M 7 639 M
Net income 2022 15 074 M 193 M 193 M
Net Debt 2022 - - -
P/E ratio 2022 158x
Yield 2022 -
Capitalization 2 464 B 31 482 M 31 482 M
Capi. / Sales 2022 4,12x
Capi. / Sales 2023 3,97x
Nbr of Employees 790
Free-Float 18,0%
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Mean consensus HOLD
Number of Analysts 1
Last Close Price 2 161,50 INR
Average target price 2 062,00 INR
Spread / Average Target -4,60%
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Rajesh Shantilal Adani Managing Director & Executive Director
Jugeshinder Singh Chief Financial Officer
Gautambhai Shantilal Adani Executive Chairman
Jatin R. Jalundhwala Secretary & Joint President-Legal
Hemant Madhusudan Nerurkar Independent Non-Executive Director
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