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Are Adanis Using Foreign Route To Acquire Ambuja Cements, ACC In India?

The country’s fastest growing business house of the day, Ahmedabad-based Adani Group, is reportedly entering into the cement business by acquiring two major companies of the Indian cement industry from world’s second largest cement producer, Holcim of Switzerland. The deal is worth more than Rs 50,181 crore. Strangely, none of the India-based Adani Group companies is involved in the acquisition process. Interestingly, the net worth of the so called acquirer of the two large Indian cement conglomerates at the end of fiscal 2022 was less than Rs 20 lakh! To acquire Ambuja Cements Ltd (ACL) and ACC Ltd (ACCL), Adanis have adopted a complex route. The main face of the group, Gautam Adani, does not come into the picture. The takeover process is executed via elder sibling, Vinod Adani, a citizen of Cyprus, a resident of Dubai and Singapore and a director of dozens of companies & trusts spread across many tax havens like Mauritius and British Virgin Islands (BVI). The acquirer of ACL/ACCL is the Mauritius-registered Endeavour Trade and Investment Ltd which is 100% owned by another Mauritius-based company, Xcent Trade and Investment Ltd, which is again 100% owned by Acropolis Trade and Investment Ltd which too is a Mauritius incorporated company. Acropolis Trade is held 100% by Adani Global Investment DMCC, a UAE incorporated company. Adani Global is held 100% by AR Global Holding Ltd, a BVI incorporated company. AR Global is held 100% by another BVI incorporated company Amulya Resources Holding Ltd which is held 100% by Amulya Resources Family Trust, a BVI incorporated trust. By arrangement with https://investlive.net/.