In a move set to reshape India’s cement landscape, the National Company Law Tribunal (NCLT) has approved the merger of Adani Cementation Ltd, a wholly owned subsidiary of Adani Enterprises, with Ambuja Cements Ltd. The Ahmedabad bench of the NCLT sanctioned the Scheme of Amalgamation on 18th July 2025, paving the way for Adani Group to further consolidate its position in the cement sector.
According to Adani Enterprises’ exchange filing, the merger is scheduled to take retrospective effect from April 1, 2024, contingent on completion of all formalities outlined in the 70-page tribunal order.
The merger, to be executed through a share-swap deal, will see Adani Enterprises receive 8.7 million shares of Ambuja Cements. The swap ratio has been set at 174 shares of Ambuja for every one share of Adani Cementation. This strategic realignment will transfer all properties, rights, assets, and liabilities of Adani Cementation to AmbujaCements.
This merger is part of the Adani Group’s larger play to streamline its cement operations under a unified brand. Having entered the sector in September 2022 with the $6.4 billion acquisition of Ambuja and ACC from Swiss cement giant Holcim, the conglomerate has swiftly scaled up its cement footprint.
The NCLT has also directed Ambuja Cements to adhere to all regulatory guidelines issued by SEBI, stock exchanges BSE and NSE, and the Luxembourg Stock Exchange, where its Global Depository Receipts (GDRs) are listed.
The strategic benefits of this merger are clear. With the integration of Adani Cementation, Ambuja gains control over high-value assets, including lease rights to 275 million tonnes of limestone reserves in Lakhpat, Gujarat, and a planned mega manufacturing unit in Raigad, Maharashtra. The move is expected to accelerate construction timelines, enhance synergies, and streamline operations across Adani’s cement verticals.
With this consolidation, Adani Group strengthens its status as India’s second-largest cement producer, boasting over 100 MTPA of capacity. Ambuja Cements has set an ambitious goal to expand this to 140 MTPA by FY28, leveraging brownfield expansions and the newly acquired Adani Cementation assets.
As UltraTech continues to lead with over 150 MTPA and a target of 200+ MTPA by FY27, the Adani-Ambuja consolidation signals a fierce race for cement supremacy.
