Adani to Become India’s No. 2 Cement Maker With $10.5 Billion Holcim Deal

The logo of the Adani Group on the facade of its buildings on the outskirts of Ahmedabad, India, on April 13, 2021. Amit Dave/Reuters

Indian conglomerate Adani Group plans to buy Holcim AG’s cement businesses in India for $10.5 billion, its largest-ever acquisition, to become the country’s No. 2 cement manufacturer.

Adani Group, owned by billionaire Gautam Adani, currently has no cement-making operations but said the firms were a good fit given its ports and logistics, energy, and real estate businesses.