Schemes of amalgamation
Ambuja Cements board approves amalgamation of ACC, Orient Cement
This story was originally published at 22:28 IST on 22 December 2025
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AHMEDABAD – Ambuja Cements Ltd. board Monday approved the schemes of amalgamation of ACC Ltd. and Orient Cement Ltd. with itself, the company said in a filing with stock exchanges. This paves the way for the creation of a large single cement entity under the Adani group.
As per the filing, the amalgamation would not have any cash consideration but Ambuja Cements will issue and allot shareholders of ACC Ltd. 328 equity shares of INR 2 face value for every 100 equity shares of face value INR 10. As for amalgamation of Orient Cement, Ambuja Cements would issue 33 equity shares of INR 2 face value for every 100 shares of face value INR 1 held by Orient Cement shareholder.
In a media note, Adani group said that the merger will create a pan-India cement powerhouse. "By pooling financial, operational and logistical resources, the merged entity will unlock economies of scale," the company filing on the stock exchanges read.
The cement companies under Adani umbrella had begun achieving synergies. ACC Ltd. management in its commentary after the September quarter earnings attributed its strong performance to synergies with Ambuja Cements and associated entities such as Penna, Sanghi, and Orient. ACC Ltd. reported a near sixfold rise in its bottom line to INR 11.19 billion on consolidated revenue at INR 58.96 billion, well above analyst estimates of INR 52.4 billion.
As of Sept. 30, the total cement manufacturing capacity of Ambuja Cements was 106.45 million tonnes. The company has set an ambitious target of 155 million tonnes of cement-making capacity by 2027-28 (Apr-Mar). "The amalgamation eliminates structural duplication, reduces administrative costs, and enables faster, more agile decision-making," Adani group said in its media release.
On Nov. 20, the shareholders of Ambuja Cements Ltd. approved the scheme of arrangement to merge Sanghi Industries Ltd. with the company. In August 2023, Ambuja Cements announced the acquisition of Sanghi Industries, with an enterprise value of INR 51.85 billion. The board also approved a share-swap ratio of 12 Ambuja Cements shares with INR 2 face value for every 100 Sanghi Industries shares with a face value of INR 10.
Both the schemes approved Monday are subject to necessary statutory and regulatory approvals under the applicable laws, including approval of the National Company Law Tribunal.
Ambuja Cement's consolidated net profit rose over 268% on year to INR 17.66 billion in the September quarter, while revenue from operations rose nearly 25% on year to INR 91.30 billion. Monday, shares of Ambuja Cements closed near flat at INR 539.95 apiece on the National Stock Exchange. End
Reported by Sunil Raghu
Edited by Akul Nishant Akhoury
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