The Competition Commission of India (CCI) approves acquisition of the stake in Holderind Investments Limited, Ambuja Cements Limited and ACC Limited by Endeavour Trade and Investment Limited.
The proposed combination envisages acquisition of the entire share capital of Holderind Investments Limited (Holderind) by Endeavour Trade and Investment Limited (Endeavour). Holderind holds 63.11% of equity share capital of Ambuja Cements Limited (Ambuja) and 4.48% of the equity share capital of ACC Limited (ACC). Further, Ambuja holds 50.05% of the paid up equity share capital of ACC. In terms of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, Endeavour is required to launch an open offer for further acquisition of up to 26% of the expanded share capital of each of Ambuja and ACC.
Endeavour is a newly incorporated company and belongs to the Adani group. Holderind is a holding company of Ambuja and ACC. Ambuja and ACC are engaged in manufacture of cement in India.
Detailed order of the CCI will follow.