Cyril Amarchand Mangaldas Advises on Acquisition of Ambuja Cement and ACC Ltd. by the Adani Group for USD 10.5 Billion

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Cyril Amarchand Mangaldas acted as the legal counsel to the Adani Group on its acquisition of controlling interest held by Holcim Group in Ambuja Cements Limited and ACC Limited. This is the largest transaction in India’s infrastructure and materials space, valued at USD 10.5 billion, and has triggered two open offers, each in respect of Ambuja Cements Limited and ACC Limited.

 

The General Corporate (specifically Public M&A), Financing and Competition Law Practices of Cyril Amarchand Mangaldas advised on the Transaction. The transaction was led by Cyril Shroff, Managing Partner; along with Anchal Dhir, Partner; and Paridhi Adani, Partner.

 

The Open Offer process is being led by Anchal Dhir, Partner; along with Aditya Prasad, Partner; and Navin Kumar, Partner.

 

The Financing aspects of the transaction were led by Santosh Janakiram, Partner & Head-Projects; and Subhalakshmi Naskar, Partner; with assistance from Anand Deshpande, Principal Associate.

 

The Competition Law advisory and application process was led by Avaantika Kakkar, Partner and Head Competition and Kirthi Srinivas, Partner, with assistance from Aakriti Thakur, Associate, Swaha Sinha, Associate.

 

The Due Diligence Team included (i) Corporate and Finance – Anand Deshpande, Principal Associate; Suryanarayana Mohan, Associate; and Janani Chandrasekaran, Associate; (ii) Litigation – Monark Gahlot, Of Counsel; Anush Mathkar, Principal Associate; and Rishit Vimadalal Associate; (iii) Competition Law – Kirthi Srinivas, Partner; and Shivani Sathe, Associate.

 

As a part of the Transaction, Endeavour Trade and Investment Ltd. (a Mauritius incorporated company belonging to the Adani Group) is to acquire 100% shareholding of Holderind Investments Ltd., Mauritius (promoter of Ambuja Cements Ltd. and ACC Ltd.) from Holderfin B.V, a Holcim group company.

 

Latham & Watkins acted as English law counsels to Adani Group for the Transaction.

 

The Transaction was signed on 15th May, 2022.

 

About Cyril Amarchand Mangaldas

Cyril Amarchand Mangaldas (CAM) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds, start-ups, government and regulatory bodies. The Firm’s generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. With over 850 lawyers and 150 Partners, the Firm is the largest full-service law firm in India with offices in key business centres at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City, and also in Singapore.

 

Recently, the Firm received “National Law Firm of the Year: India” award at the IFLR Asia Pacific 2022 awards ceremony. In 2021, Firm received “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards

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