The Competition Commission of India (CCI) has given its approval for the acquisition of Holcim’s stake in Ambuja Ltd and ACC Ltd by the Adani Group.
In a tweet on Friday, the watchdog said it has approved the “acquisition of the stake in Holderind Investments, Ambuja Cements and ACC by Endeavour Trade and Investment”.
The proposed combination involves acquisition of 100 per cent stake in Holderind Investments Ltd by Endeavour Trade and Investment Ltd.
Endeavour Trade and Investment Ltd is a Mauritius-based company and belongs to the Adani Group.
Holderind Investments is held by Holderfin BV and belongs to the Switzerland-based Holcim group and is a holding company of cement manufacturers Ambuja Cements and ACC Ltd.
Holderind Investments owned 63.11 per cent stake in Ambuja Cements and 4.48 per cent stake in ACC and further, Ambuja held 50.05 per cent stake in ACC.
In May, Adani Group announced a deal to acquire a controlling stake in Holcim Ltd’s businesses in India — Ambuja Ltd and ACC Ltd.
Along with it, Adani Group had made an open offer to both the companies’ public shareholders to acquire 26 per cent stake each in the firm.
The regulator also approved Endeavour’s open offer for further acquisition of stake purchase of up to 26 per cent stake each in Ambuja Cements and ACC.
Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices in the marketplace.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)