Competition Commission approves Adani Group's acquisition of ACC, Ambuja

Permission given to Endeavour Trade and Investment, a SPV controlled by the Adani family

The Competition Commission of India (CCI) on Friday said that it had approved the Adani Group’s acquisition of Ambuja Cements and ACC from Switzerland’s Holcim.

The two companies were acquired in a $10.5-billion (Rs 81,339 crore) transaction in May, making Adani the second-largest cement player in India after Ultratech.

The competition watchdog said the approval was granted to Endeavour Trade and Investment, which is a special purpose vehicle (SPV), set up in Mauritius and controlled by the Adani family.

The SPV had executed the agreement in May to buy the entire shareholding of the offshore promoter, Holderind Investments, which is