BBG: Adani Group buys Orient Cement as race with Birla heats up

The businessman holds out his hand to make a deal. Concept of a contract or deal, making an offer. Signing or renewing a contract. Come to universal consensus. Diplomatic and political success.

22/10/2024

BLOOMBERG reports:

Ambuja Cements Ltd., part of the Adani Group, has agreed to acquire Orient Cement Ltd. in a deal valued at 81 billion rupees ($963 million), as billionaire Gautam Adani continues to snap up makers of the key raw material needed for India’s infrastructure push.

Ambuja will acquire 46.8% shares of Orient Cement from its current founders and certain public shareholders, the company said in an exchange filing Tuesday. The transaction will be fully funded by internal accruals.

It will ...