Indian conglomerate, Adani Group has pledged shares of Ambuja and ACC Cements, worth $12.5 billion, days after its billionaire Chairman Gautam Adani completed the purchase of stakes in those businesses from Switzerland’s Holcim.
The pledged shares accounted for a 63% stake in Ambuja Cements and a 57% stake in ACC Cement, worth ₹ 989.46 billion, based on Monday’s closing prices. Disclosing in the filings to India’s stock exchanges, Deutsche Bank AG’s Hong Kong branch, being the official agent for pledging the shares.
Adani group had earlier announced the acquisition of Holcim’s cement businesses in India for $10.5 billion to rise as the country’s second cement manufacturer. Soon after the signing of the deal, Gautam Adani said that the production capacity at the cement units was expected to double by 2027.
Gautam Adani, the world’s second-richest man just after Elon Musk, has successfully expanded into several industrial sectors, ranging from renewable power transmission, and media companies to cement conglomerates respectively.
