India’s Adani Group to merge Ambuja Cements, ACC and Orient Cement into a single platform
In a significant development for India's cement sector, Ambuja Cements Limited, which is part of the diversified Adani Group, has received approval for two separate legal plans from its Board of Directors to merge ACC Limited and Orient Cement Limited, into a single consolidated ‘One Cement Platform’. The Adani family holds 67.68% of the assets of Ambuja Cements, while the public holds the remaining 32.32%. Ambuja Cements is with 50.05% the main shareholder in ACC Limited and with 72.66% in Orient Cement. For the quarter ended in September 2025, the Group operated 107 Mta of cement capacity from 24 integrated cement plants (Photo: Darlaghat-Rauri cement plant) and 22 grinding units. The group is planning to achieve 118 Mta by the end of FY 2026 and 155 Mta in a revised target by FY 2028.
Fig. 1 Photo: Darlaghat-Rauri Cement Plant, located in Himachal Pradesh (Credit: Ambuja Cements)
Ambuja Cements Limited is India’s fastest-growing portfolio of sustainable businesses and the 9th largest building materials solutions company globally. The company is at the forefront of building a greener, stronger India and is accelerating its decarbonisation journey through investments in 1 GW of renewable energy (solar + wind), 376 MW of Waste Heat Recovery Systems (WHRS) by FY’28, and strategic partnerships to achieve net-zero by 2050. The planned consolidation is a major step for Adani Group’s cement business, creating an integrated and stronger entity with greater scale, efficiencies, and financial strength. The merger shall unlock greater operational efficiencies, optimise manufacturing and logistics, and enable efficient capital deployment. The improvements shall boost profitability, support capacity expansion, and enhance long-term shareholder returns.
The merger of the cement business shall eliminate structural duplication, reduce administrative costs, enabling faster, more agile decision-making and creating a PAN-India cement powerhouse. The initiative aligns with Ambuja Cements’ strategic plan to increase cement production capacity from 107 to 155 MTPA by FY28, facilitating efficient capital allocation and prompt adaptation to market requirements. For every 100 equity shares of ACC with a face value of Rs. 10/- each, Ambuja will issue 328 equity shares with a face value of Rs. 2/- each, to eligible shareholders of ACC. For every 100 equity shares of Orient Cement with a face value of Re. 1/- each, Ambuja Cements will issue 33 equity shares with a face value of Rs. 2/- each, to eligible shareholders of Orient Cement. The merger is subject to requisite approvals, with the transaction expected to be completed over the next year.
Mr. Karan Adani, Non-Executive Director—Ambuja Cements Limited, Adani Group, said, “This consolidation represents a transformational step in building a globally competitive, integrated cement and building materials organisation. By bringing Ambuja Cements, ACC, and Orient Cement under a single corporate structure, we are strengthening our ability to drive operational excellence, accelerate growth, and deliver sustainable long-term value. This merger builds on our already proven track record to further position the business to drive efficiency and productivity. A robust and resilient balance sheet positions the unified strong entity to effectively support future growth initiatives.”
