Ambuja Cements Limited and ACC Limited have proposed an amalgamation pursuant to which ACC will merge into Ambuja. As part of the transaction, Ambuja will issue equity shares to the shareholders of ACC, and Ambuja’s existing shareholding in ACC will be cancelled. Upon the merger coming into effect, the shareholding of Ambuja will change due to the induction of ACC’s shareholders.
Both Ambuja and ACC are publicly listed companies engaged in the manufacture and sale of cement and cement-related products in India. The transaction represents a significant consolidation within India’s cement sector.
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Parties Involved
Acquirer / Amalgamated Entity: Ambuja Cements Limited
Amalgamating Entity: ACC Limited
Legal Advisory
Cyril Amarchand Mangaldas advised both Ambuja Cements Limited and ACC Limited on all aspects of the proposed amalgamation.
Team Advising Ambuja Cements Limited
Ruetveij Pandya, Partner
Nishikant Sao, Partner Designate
Manjri Singh, Associate
Anoushka Ishwar, Associate
Pratiti Shah, Associate
Team Advising ACC Limited
Jay Parikh, Partner
Saranya Lal, Senior Associate
Sarvagya Chitranshi, Associate
Specialist Practice Support (Real Estate)
Abhilash Pillai, Partner
Kripa Sankari, Principal Associate
Specialist Practice Support (Employment)
Sowmya Kumar, Partner
Luv Saggi, Principal Associate
Additional Transaction Advisory
Paridhi Adani, Partner (Head – Ahmedabad)
Ramanuj Kumar, Partner (Co-Head – Projects: Energy & Energy Transition)
Swati Sharma, Partner (Head – Intellectual Property)
Karan Sharma, Partner
Jaideep Kodali, Partner
Sandeep Pandey, Principal Associate
Siddhant Sharma, Principal Associate
Pauravi Kolhe, Associate
Smitanshu Choudhary, Associate
Harshit Upadhyay, Associate
Astha Krishna, Associate
Abhigyaan AH, Associate
Competition Law Advisory
Avaantika Kakkar, Partner (Head – Competition Law)
Mohini Parghi, Associate
Pushkar Singh, Associate
Strategic Guidance
Cyril Shroff, Managing Partner
L. Viswanathan, Senior Partner
Transaction Structure
The proposed amalgamation is structured as a merger of ACC into Ambuja, resulting in:
Issuance of Ambuja equity shares to ACC shareholders
Cancellation of Ambuja’s existing shareholding in ACC
Change in Ambuja’s shareholder base post-merger
The transaction remains subject to regulatory and shareholder approvals, including competition law clearances.
Strategic Significance
The Adani Group had acquired both the entities in September 2022 and is currently in the process of a major restructuring to consolidate its various cement businesses, including ACC, Ambuja, and other recently acquired regional companies like Penna Cement and Orient Cement, into a single entity under Ambuja Cements. The boards of Ambuja Cements and ACC have approved a plan to merge all these entities to create a unified “One Cement Platform”. This final amalgamation process is expected to be completed over the next 12 months, subject to necessary regulatory and shareholder approvals.
The merger consolidates two of India’s largest cement manufacturers and is expected to streamline operations under a single listed entity. From a legal and regulatory perspective, the transaction involves complex considerations across corporate restructuring, securities issuance, employment transition, real estate assets, and competition law. Large-scale sectoral consolidations in capital-intensive industries such as cement often set benchmarks for merger structuring, regulatory coordination, and competition law analysis. The Ambuja–ACC amalgamation is likely to be closely watched as a reference transaction for future consolidations in India’s infrastructure and materials sectors.
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Disclaimer
This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions
