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Latham Advises Adani Group on its Acquisition of Ambuja Cements and ACC

May 16, 2022
Transaction represents India's largest ever M&A transaction in the infrastructure and materials sector.

Latham & Watkins has advised Adani Group (Adani) on its US$10.5 billion acquisition of Holcim Ltd’s stake in Ambuja Cements Ltd and ACC Ltd. – two of India’s leading cement companies. The transaction represents the largest ever acquisition by Adani, and India’s largest ever M&A transaction in the infrastructure and materials sector.

Holcim, through its subsidiaries, holds 63.19% in Ambuja Cements and 54.53% in ACC (of which 50.05% is held through Ambuja Cements). Upon completion of the acquisition, Adani will become India’s second largest cement manufacturer.

The Latham team was led by London partner Sam Newhouse and Singapore partner Rajiv Gupta, with London associate Adam Czernikiewicz. Advice was also provided on tax matters by London partner Karl Mah, with associate Abi Jacobs; on finance matters by Singapore partner Timothy Hia, with associate Chuan Wei Kong; and on antitrust matters by Brussels partner David Little, with London associate Nathan Wilkins.

Cyril Amarchand Mangaldas also advised Adani on the transaction with a team led by Cyril Shroff, Paridhi Adani, and Anchal Dhir.

About Adani Group

Adani Group is a diversified organisation in India with market cap of over US$182.77 billion comprising seven publicly traded companies. It has created a world class transport and utility infrastructure portfolio that has a pan-India presence. Adani Group is headquartered in Ahmedabad, in the state of Gujarat, India.

About Latham’s India Practice

With over 20 years of experience advising on Indian debt and equity capital markets transactions, Latham has one of the largest and most active India practices among international law firms. The multi-award winning practice comprises more than 50 lawyers globally, and the team have advised on India-related matters with a combined value in excess of US$90 billion since 2018.