Breaking news: Ambuja Cements’ New chairman is Gautam Adani

Gautam Adani: After the closing of the $6.4-billion deal the buy Swiss large Holcim’s shares in Ambuja Cements by the Adani group The board of Ambuja Cements and its subsidiary, ACC, were reconstituted on Friday. Gautam Adani is who is the patriarchal head of the Adani group, was appointed the chairmanship of Ambuja Cements’ board. His son Karan was named the chairman as well as the non-executive director of ACC. Karan will also serve as an executive director who is not at Ambuja Cements; Holcim’s representatives have been removed from their positions on the boards.

The Ambuja Cements’ board also approved a preferred allotment in convertible warrants, to be used by an Adani group promoter entity, which will raise an additional Rs . 20,000 crore. The money can be used to build more capacity, with the goal to be India’s largest cement producer in 2030.”What makes cement a fascinating company is the possibility of expansion in India which is higher than those of other countries even beyond 2050.

Cement is an economic game dependent on logistics, energy costs, and distribution costs, as well as the capacity to utilize an online platform to revolutionize production, and increase the efficiency of the supply chain. Each of these capabilities is an essential business feature for us, which cement businesses have an unbeatable set of adjacencies.” stated Gautam Adani the chairman of the Adani group .”It is these relationships that ultimately drive the competitive economy. Furthermore, our status as the world’s largest renewable energy companies in the world will assist in the production of premium green cement of the highest quality in accordance in line with circular economics. These dimensions will allow us to become the biggest and most efficient producer of cement in no less than 2030.” Adani said.

Also read: Gautam Adani overtakes Jeff Bezos to become world’s second-richest UltraTech is one of the Aditya Birla group companies, is the country’s largest cement manufacturer with a production capacity of 120 millimetric tonnes per annum (million tonnes per year). Ambuja Cements and ACC, however, they currently have an installed capacity of 67.5 million tonnes per annum.
The two firms rank among the most powerful companies in India having 14 units integrated and 16 grinding units along with 79 ready-mix concrete plants.The warrants are issued at the price of 418.87 each and comprise 19.39 percent of the capital stock for the business on an after-issue basis.

The additional fund will equip Ambuja to capitalize on the growth in this market Adani Group announced in a statement. Karan 35, is the chief executive officer and CEO of Adani Ports and Special Economic Zone. ACC has also appointed Vinod Bahety, who was previously with the Adani group, to be the CFO. The Director and chief executive officer of ACC Sridhar Balakrishnan are now designated as a permanent directors as well as CEO. Holcim CFO Jan Jenisch and Head of Asia Pacific and member of the Group Executive Committee of Holcim Martin Kriegner were removed from the Board for both businesses. Neeraj Akhoury resigned as a non-executive director who is not independent of ACC in the wake of his resignation as the managing director for Ambuja Cements.

NS Sekhsaria, non-executive chairman of both Ambuja and ACC has also resigned, however, was appointed chairman emeritus for Ambuja.

Both Ambuja Cements and ACC will benefit from synergies that are a part of a connected Adani infrastructure system, specifically in the fields of raw materials as well as logistics and renewable power and logistics, in which the Adani portfolio businesses have extensive experience and vast knowledge and expertise, the company said.

Ambuja Cements, as well as ACC, can also gain of the Adani group’s emphasis on ESG circular economy, sustainable development a,nd capital management according to the statement.

Both companies will remain connected to the UN Sustainable Development Goals. The Adani group has said that in keeping its governance principles its board committees for Ambuja Cements and ACC have been reconfigured. The audit committee as well as the nomination and remuneration board are now composed of 100 percent independent directors.

Further, two new committees were established which are The Corporate Responsibility Committee and the Public Consumer Committee – both composed of 100% independent directors. They will provide confidence to board members of ESG commitments as well as to increase satisfaction with the consumer. Additionally, a price for commodities committee was established with 50 percent independent directors to improve the risk management.

Earlier Swiss major Holcim said the acquisition will improve Holcim’s balance sheets and allows Holcim to carry on its acquisitions strategy and build on its recent investments of more than CHF five billion in solutions and products.”I want to express my gratitude to all of our 10,000 Indian employees who played a vital part in the growth of Holcim’s business over time through their tireless commitment and knowledge. I am confident this is the case and this is why the Adani Group is the best place for them as well in order for the customers we serve to grow in the near future,” said Jan Jenisch Holcim’s CEO.

The transaction was financed with facilities totaling approximately 4.5 billion that were provided by fourteen international banking institutions. Barclays Bank, Deutsche Bank AG as well as Standard Chartered Bank acted as primary lead arrangers and book runners of this transaction. Barclays Bank DBS Bank, Deutsche Bank, MUFG Bank, and Standard Chartered Bank acted as the book-runners and lead arrangers for this transaction.In the meantime, BNP Paribas, Citibank, Emirates NBD Bank, First Abu Dhabi Bank, ING Bank, Intesa Sanpaolo, Mizuho Bank, Sumitomo Mitsui Banking Corporation addition to Qatar National Bank acted as authorized lead arrangers for the deal.


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