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The Adani Group will become the second biggest cement maker in the world’s second-largest market © Amit Bhargava/Bloomberg

Gautam Adani, Asia’s richest man, has struck a deal with Swiss cement giant Holcim to acquire its Indian businesses for $10.5bn in cash, his biggest acquisition to date.

The Adani Group, a coal-to-ports conglomerate, will acquire Holcim’s controlling 63.2 per cent stake in Ambuja Cements and its 54.5 per cent stake in ACC. Holcim said the offer valued Ambuja Cement at Rs385 a share and ACC at Rs2,300.

If the deal is approved by regulators, it will vault the Adani Group from having almost no presence to the second biggest player in the world’s second largest cement market. Adani Group will also take on Ambuja and ACC’s 10,700 employees.

Adani, the group’s chair, said the acquisition would deliver significant capacity expansion, and that the group’s renewable energy footprint would give it a “head start in the decarbonisation journey that is a must for cement production”.

Adani Green Energy, one of the group’s listed entities, is among India’s biggest renewable power companies by market capitalisation.

Adani’s bid beat a $7bn equity offer by JSW Group.

The deal comes as India’s government looks to boost infrastructure investment to help retain the country’s place as the world’s fastest-growing large economy.

“Our move into the cement business is yet another validation of our belief in our nation’s growth story,” Adani said.

Read more on the deal here.

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