Cyril Amarchand Mangaldas Advises on Acquisition of Ambuja Cement and ACC Ltd. by the Adani Group for USD 10.5 Billion

Largest transaction in India’s infrastructure & materials space

Cyril Amarchand Mangaldas acted as the legal counsel to the Adani Group on its acquisition of controlling interest held by Holcim Group in Ambuja Cements Limited and ACC Limited. This is the largest transaction in India’s infrastructure and materials space, valued at USD 10.5 billion, and has triggered two open offers, each in respect of Ambuja Cements Limited and ACC Limited.

The General Corporate (specifically Public M&A), Financing and Competition Law Practices of Cyril Amarchand Mangaldas advised on the Transaction. The transaction was led by Cyril Shroff, Managing Partner; along with Anchal Dhir, Partner; and Paridhi Adani, Partner.

The Open Offer process is being led by Anchal Dhir, Partner; along with Aditya Prasad, Partner; and Navin Kumar, Partner.

The Financing aspects of the transaction were led by Santosh Janakiram, Partner & Head-Projects; and Subhalakshmi Naskar, Partner; with assistance from Anand Deshpande, Principal Associate.

The Competition Law advisory and application process was led by Avaantika Kakkar, Partner and Head Competition and Kirthi Srinivas, Partner, with assistance from Aakriti Thakur, Associate, Swaha Sinha, Associate.

The Due Diligence Team included (i) Corporate and Finance – Anand Deshpande, Principal Associate; Suryanarayana Mohan, Associate; and Janani Chandrasekaran, Associate; (ii) Litigation – Monark Gahlot, Of Counsel; Anush Mathkar, Principal Associate; and Rishit Vimadalal Associate; (iii) Competition Law – Kirthi Srinivas, Partner; and Shivani Sathe, Associate.

As a part of the Transaction, Endeavour Trade and Investment Ltd. (a Mauritius incorporated company belonging to the Adani Group) is to acquire 100% shareholding of Holderind Investments Ltd., Mauritius (promoter of Ambuja Cements Ltd. and ACC Ltd.) from Holderfin B.V, a Holcim group company.

Latham & Watkins acted as English law counsels to Adani Group for the Transaction.

The Transaction was signed on 15^th May, 2022.

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