&w=3840&q=100)
NCLT approves merger of AEL's Adani Cementation with Ambuja Cements
"National Company Law Tribunal, Ahmedabad Bench (NCLT Ahmedabad) has on 18th July 2025 pronounced the order sanctioning the Scheme of Amalgamation of Adani Cementation Limited with Ambuja Cements Limited," Adani Enterprises said in an exchange filing.
The Gautam Adani-led conglomerate had announced a consolidation of its cement businesses in June 2024.
The scheme is set to take effect from April 1, 2024, once all steps in the merger agreement are completed, as stated in the 70-page NCLT order.
Impact on Companies and Shareholders
As part of the merger, Adani Enterprises will receive 8.7 million shares of Ambuja Cements. The swap ratio will be 174 shares of Ambuja Cements for every 1 share of Adani Cementation, the company had said in an earlier statement.
The merger will be executed through share swapping. All property rights, assets, and liabilities of Adani Cementation will transfer to Ambuja Cements.
The NCLT has instructed Ambuja Cements, a listed company, to "comply with all applicable regulations, circulars and directions" issued by market regulator Sebi, as well as stock exchanges BSE, NSE, and the Luxembourg Stock Exchange. Ambuja Cements' Global Depository Receipts (GDRs) are listed on the Luxembourg Stock Exchange.
Rationale and Strategic Benefits
The consolidation is aimed at synergising Adani Group's cement operations, enhancing value addition, and improving operational efficiencies for both companies.
"The amalgamation will help the transferee company to quickly start the construction activity at various sites of the transferor company and that of the wholly-owned subsidiary of the transferor company," both companies said.
Adani Cementation holds lease rights to limestone mines, approximately 275 million tonnes at Lakhpat, Gujarat, and has proposed a major manufacturing unit at Raigad, Maharashtra.
Market Position and Expansion Plans
Adani Group forayed into the cement sector in September 2022 by acquiring a controlling stake in Ambuja Cement from Swiss company Holcim in a $6.4 billion deal.
Adani Group has ascended to become India's second-largest cement manufacturer, recently crossing 100 MTPA of capacity. Meanwhile, UltraTech Cement, which recently acquired Kesoram and India Cements, remains the country's largest, already surpassing 150 MTPA, and is ambitiously targeting over 200 MTPA by financial year (FY)27.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
an hour ago
- Mint
Swiss Firms Rethink Global Strategy After Tariff Surge
Simon Michel couldn't take the risk of waiting any longer. As Switzerland was assessing the shock announcement that the US would impose a 39% tariff, the chief executive officer of Ypsomed Holding AG realized that he needed to act. Ypsomed plans to move some production of medical devices to the German city of Schwerin, where the tariff is less than half the Swiss level. The executive also wants to ramp up production in the US, he told Bloomberg News. The Burgdorf-based company isn't alone. Across the country, executives and owners at businesses — from large multinationals such as food giant Nestle SA to small domestic champions — are trying to figure out how to deal with the new reality. The scale of the levy exceeded all expectations and caught the Swiss business elite off guard. In a call with executives on Monday, one of Switzerland's chief negotiators said that they were still working on getting the overall tariff rate down. Their response to her was blunt: there's no substitute for the US market. Plans to move, such as Michel's, could still change if Switzerland gets Donald Trump to lower the tariff. But with so much at stake, some businesses are taking matters into their own hands. Machine-tool maker Netstal Maschinen AG is looking to reduce the share of Swiss components in its supply chain for products aimed at the US market, which accounts for approximately 15% of revenue. Orders from the US have already fallen 20% in the first half of 2025, CEO Renzo Davatz said. And it's likely to get worse if the Swiss don't get a better deal. A one-hour drive away in Weggis, Adrian Steiner, the CEO of Thermoplan AG, which builds coffee machines for Starbucks among other things, is sketching out plans to expand production capacities in the EU and the US, he said. However, he wants to wait for a final decision until the US tariffs kick in. One high-profile consumer product caught up in the Swiss tariffs is Nespresso. Though Nestle SA sells the coffee capsules all over the world, it only produces them in Switzerland. Most of its other product lines are made locally for their respective markets. The same holds true for many of Switzerland's international listed companies, including consumer brands such as Lindt & Spruengli AG and Logitech International AG, as well as industrial players like ABB Ltd and Holcim AG. After Trump's so-called Liberation Day announcements on tariffs, some firms without fully diversified production front-loaded shippings to the US. Shipping company Kuehne and Nagel International AG saw a slight increase in industry-wide shipments from Switzerland to US in the period. Switzerland is only a small part of their business. But for companies that waited, believing the government's optimistic messaging about a US deal, there was a shock last week. Now, there's no time. 'There is some movement to expedite loadings, but generally the timeline is too tight to load unplanned shipments into containers and to then gate in and get on a ship,' a spokesperson for Kuehne and Nagel said. 'Many hinterland manufacturers simply did not have time.' The risks to the Swiss economy are sizable. A 39% tariff rate might knock off 1% of Switzerland's gross domestic product over the medium term. While large multinational companies have some chance of reorienting supply chains and production to cope, it's much harder for smaller family-owned businesses. There's also the personal cost. Lobby group Swissmem says the tariffs put tens of thousands of Swiss jobs at risk. Among Switzerland's top companies, Roche Holding AG and Novartis AG are in the clear for now as pharmaceuticals are exempt. But that might soon change, with Trump warning he could announce tariffs on the sector in the next week. Some companies have tried to get ahead of the tariffs by frontloading early in the year. 'We transferred a lot of stock already in the first six months of this year when the story about the tariffs started,' watchmaker Swatch said in a statement. 'In such a situation, inventory is key and a competitive advantage.' With assistance from Naomi Kresge, Jennifer Creery, Noele Illien and Sonja Wind.
Hindustan Times
2 hours ago
- Hindustan Times
Donald Trump tariffs: Possible alternatives for India to replace Russian oil imports
India, which gets more than a third of its oil imports from Russia, is likely to turn to supplies from the Middle East and Africa and other regions if it is forced to cut Russian imports due to possible US penalties. US President Donald Trump has slapped an additional 25 per cent tariff on goods coming from India as penalty for New Delhi's continued buying of Russian oil.(PTI) WHY IS INDIA IMPORTING RUSSIAN OIL? India turned to purchasing Russian oil sold at a discount after Western countries imposed sanctions on Moscow and shunned its supplies over its invasion of Ukraine in 2022. Russia has become the top supplier to India, accounting for about 35% of India's overall supplies, up from less than 2% before the war in Ukraine. Global crude prices surged to $137 per barrel on supply shortage fears in the wake of the Western-led sanctions before stabilising. The discounted Russian crude has reduced Indian refiners' costs. India imports more than 85% of its oil needs. HOW MUCH RUSSIAN OIL DOES INDIA BUY? The world's third biggest oil importer and consumer received about 1.75 million barrels per day of Russian oil in the first half of this year, up 1% from a year ago, trade data showed. While Indian state refiners buy Russian oil from traders, private refiners Nayara Energy and Reliance Industries Ltd, operator of the world's largest refining complex, have long-term supply deals with Rosneft. WHY DOES TRUMP WANT INDIA TO CUT RUSSIAN OIL IMPORTS? US President Donald Trump has said he would raise the tariff charged on goods imported from India substantially from 25%, in view of New Delhi's continued purchases of Russian oil. He has warned that countries purchasing Russian exports could face sanctions if Russia fails to reach a peace deal with Ukraine. New Delhi has resisted the pressure, citing its longstanding ties with Russia and its economic needs. However, the country's state refiners have paused buying Russian oil. WHAT ARE INDIA'S OPTIONS IF IT CAN'T BUY RUSSIAN OIL? Besides Russia, India buys oil from Iraq - its top supplier before the war in Ukraine followed by Saudi Arabia - and the United Arab Emirates. Indian refiners mostly buy oil from Middle Eastern producers under annual deals with the flexibility to request more supply every month. Since Trump's sanctions warning, the refiners have bought crude from the United States, Middle East, West Africa, and Azerbaijan. India has diversified its sources of supply to about 40 countries, oil Minister Hardeep Singh Puri says, adding that more supply is coming onto the market from Guyana, Brazil and Canada.
Mint
4 hours ago
- Mint
Swiss President Discussed Tariffs With US Secretary of State
Swiss President Karin Keller-Sutter said she talked about trade relations in her meeting with US Secretary of State Marco Rubio as she attempts to avert a 39% levy as of Thursday. 'We discussed bilateral cooperation between Switzerland and the US, the tariff situation, and international issues,' she said on X after the meeting in Washington. The US State Department doesn't lead negotiations for bilateral deals. The Swiss president dashed to the US capital Tuesday in a last-minute attempt to prevent her American counterpart from imposing the highest tariff of any developed nation on Switzerland. Donald Trump announced the measure last week, and it's set to take effect Thursday — leaving the Swiss with a tight window to try to sway him. Keller-Sutter traveled to America without a formal invite from the White House, according to a person familiar with the matter, so it remains to be seen whether the US president will agree to meet. The two spoke on the phone last Thursday, with Trump telling CNBC that 'the woman was nice, but she didn't want to listen' to his complaint about Switzerland's massive trade surplus with the US. Asked about the latest on Switzerland, National Economic Council Director Kevin Hassett said that 'I'm not aware of any changes since yesterday, but it's a fast moving thing.' 'You know, we've got Switzerland coming in and trying to renegotiate their tariffs, and we'll see how it goes,' he told Fox Business. The level of Trump's tariff stunned the Swiss after talks that they thought looked promising. If the tariff rate came into effect across the board — including on pharmaceuticals — that would put up to 1% of Switzerland's economic output at risk over the medium term, according to Bloomberg Economics. The paradox faced by the Swiss president — who also is her country's finance minister — is that any concessions may be politically costly without meaningfully curbing the US-Switzerland trade gap. The $38 billion overhang as of last year is probably the main obstacle to any deal. The nature of the massive Swiss surplus with the US — primarily down to gold, pharmaceuticals, watches and medical devices — means a quick reduction is unlikely. This article was generated from an automated news agency feed without modifications to text.
