NCLT - Business Outrank

The National Company Law Tribunal (NCLT) approved the merger between Adani Cementation and Ambuja Cements which represents a significant step in the cement business consolidation of Adani Group. The National Company Law Tribunal based in Ahmedabad granted approval for the scheme on July 18, 2025 to take effect from April 1, 2024. The merger agreement between Adani Enterprises and Ambuja Cements includes a swap ratio of 174 Ambuja shares for each Adani Cementation share which will result in the receipt of 8.7 million Ambuja shares. The entire asset base and liability structure along with lease rights of 275 million tonnes of Gujarat limestone reserves and Maharashtra plant project will transfer to Ambuja Cements. The business move will help speed up construction activities and enhance operational performance. The Adani Group initiated its cement business operations in 2022 through the acquisition of Ambuja from Holcim and has since become the second-largest cement producer in India with more than 100 MTPA capacity. Ambuja aims to reach 140 MTPA capacity by FY28 through brownfield projects while this integration will support its growth plans. The NCLT ordered Ambuja to follow all applicable regulations from SEBI, BSE, NSE and Luxembourg Stock Exchange. The merger enhances Ambuja's market standing which enables quicker project execution and better utilization of Adani Group's expanding cement operations' synergies.

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