By Prateek Pyne
Indian billionaire Gautam Adani's buying spree continues as his enterprise is in advanced negotiations with Holcim about purchasing the cement company's local operations. Fierce rivals JSW Group also continues to be one of the front runners to acquire Holcim's local assets, Ambuja Cements and ACC.
Holcim is a low-profile Swiss company that many of us may have never heard of, but their influence in India and the global cement market cannot be understated. As the largest cement manufacturer globally, they hold 63% of Ambuja Cements, which in turn holds 23% of ACC. Additionally, Holcim's independent holdings in ACC amount to another 5%.
Seventeen years after entering India with high hopes, the Swiss giant is reevaluating its India strategy as it seeks to focus on core markets in a post-Covid world. If Adani acquires Holcim's local units, he will be a business force to be reckoned with.