CCI clears acquisition of Ambuja Cements, ACC by Adani Group

India’s anti-trust regulator CCI on Saturday approved the proposed acquisition of Ambuja Cements and ACC by Adani Group-backed Endeavour Investments.
According to various media releases issued on Saturday, the anti-trust regulator also approved three other acquisitions, involving amalgamation of HDFC Ltd, HDFC Bank, HDFC Investments and HDFC Holdings.

Through the combination, Endeavour proposes to acquire the entire share capital of Holderind Investments (Holderind).

“Holderind holds 63.11% of equity share capital of Ambuja Cements (Ambuja) and 4.48% of the equity share capital of ACC (ACC). Further, Ambuja holds 50.05% of the paid-up equity share capital of ACC.

In terms of Sebi (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, Endeavour is required to launch an open offer for further acquisition of up to 26% of the expanded share capital of each of Ambuja and ACC,” said the media release.