India: Adani Group is legally ‘paving the way’ for an eventual merger of its cement subsidiaries ACC and Ambuja Cements into Adani Cement. The Hindu BusinessLine News has reported that the merger is not likely to reach completion before April 2024.
Adani Group holds a 63% stake in Ambuja Cements, which in turn holds a 50% in ACC. Adani Group additionally holds a 6.7% direct stake in ACC.