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Adani to Acquire Holcim's Stake in Ambuja Cements and ACC Limited

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Adani to Acquire Holcim's Stake in Ambuja Cements and ACC Limited

Largest Ever Acquisition in India’s Infra and Materials space valued at USD 10.5 billion

Editor’s Synopsis

  • Acquisition propels Adani into the cement business, and will establish its new materials, metal and mining vertical
  • With this, Adani is now India’s second largest cement manufacturer (capacity ~70 MTPA)

AHMEDABAD, India, May 15, 2022 — The Adani Family, through an offshore special purpose vehicle, announced that it had entered into definitive agreements for the acquisition of Switzerland-based Holcim Ltd’s entire stake in two of India’s leading cement companies – Ambuja Cements Ltd and ACC Ltd.

Holcim, through its subsidiaries, holds 63.19% in Ambuja Cements and 54.53% in ACC (of which 50.05% is held through Ambuja Cements). The value for the Holcim stake and open offer consideration for Ambuja Cements and ACC is USD ~10.5 billion, which makes this the largest ever acquisition by Adani, and India’s largest ever M&A transaction in the infrastructure and materials space.

“Our move into the cement business is yet another validation of our belief in our nation’s growth story,” said Mr Gautam Adani, Chairman of the Adani Group. “Not only is India expected to remain one of the world’s largest demand-driven economies for several decades, India also continues to be the world’s second largest cement market and yet has less than half of the global average per capita cement consumption. In statistical comparison, China’s cement consumption is over 7x that of India’s. When these factors are combined with the several adjacencies of our existing businesses that include the Adani Group’s ports and logistics business, energy business, and real estate business, we believe that we will be able to build a uniquely integrated and differentiated business model and set ourselves up for significant capacity expansion.”

Mr Adani added, “Holcim’s global leadership in cement production and sustainability best practices brings to us some of the cutting-edge technologies that will allow us to accelerate the path to greener cement production. In addition, Ambuja Cements and ACC are two of the strongest brands recognized across India. When augmented with our renewable power generation footprint, we gain a big headstart in the decarbonization journey that is a must for cement production. This combination of all our capabilities makes me confident that we will be able to establish the cleanest and most sustainable cement manufacturing processes that will meet or exceed global benchmarks.”

“I am delighted that the Adani Group is acquiring our business in India to lead its next era of growth,” said Mr Jan Jenisch, CEO of Holcim Limited. “Mr Gautam Adani is a highly recognized business leader in India who shares our deep commitment to sustainability, people and communities. I would like to thank our 10,000 Indian colleagues who have played an essential role in the development of our business over the years with their relentless dedication and expertise. I am confident that the Adani Group is the perfect home for them as well as our customers to continue to thrive.”

With India’s cement consumption at just 242 kg per capita, as compared to the global average of 525 kg per capita, there is significant potential for the growth of the cement sector in India. The tailwinds of rapid urbanization, the growing middle class and affordable housing together with the post-pandemic recovery in construction and other infrastructure sectors are expected to continue driving the growth of the cement sector over the next several decades.

Ambuja Cements and ACC currently have a combined installed production capacity of ~70 MTPA. The two companies are among the strongest brands in India with immense depth of manufacturing and supply chain infrastructure, represented by their 23 cement plants, 14 grinding stations, 80 ready-mix concrete plants and over 50,000 channel partners across India.

Both Ambuja and ACC will benefit from synergies with the integrated Adani infrastructure platform, especially in the areas of raw material, renewable power and logistics, where Adani Portfolio companies have vast experience and deep expertise. This will enable higher margins and return on capital employed for the two companies. The Companies will also benefit from Adani’s focus on ESG, Circular Economy and Capital Management Philosophy. The businesses will continue to be deeply aligned to UN Sustainability Development Goals with clear focus on SDG 6 (Clean Water and Sanitation), SDG 7 (Affordable and Clean Energy), SDG 11 (Sustainable Cities and Communities) and SDG 13 (Climate Action).

The acquisition is subject to regulatory approvals and conditions.

About Adani

Headquartered in Ahmedabad, India, Adani is the largest and fastest-growing portfolio of diversified businesses in India with interests in Logistics (seaports, airports, logistics, shipping and rail), Resources, Power Generation and Distribution, Renewable Energy, Gas and Infrastructure, Agro (commodities, edible oil, food products, cold storage and grain silos), Real Estate, Public Transport Infrastructure, Defence & Aerospace, and other sectors.

Adani owes its success and leadership position to its core philosophy of ‘Nation Building‘ and ‘Growth with Goodness‘ – a guiding principle for sustainable growth. The Group is committed to protecting the environment and improving communities through its CSR programmes based on the principles of sustainability, diversity and shared values. For more information, please visit www.adani.com

About Holcim

Holcim builds progress for people and the planet. As a global leader in innovative and sustainable building solutions, Holcim is enabling greener cities, smarter infrastructure and improving living standards around the world. With sustainability at the core of its strategy Holcim is becoming a net zero company, with its people and communities at the heart of its success.

The company is driving the circular economy as a world leader in recycling to build more with less. Holcim is the company behind some of the world’s most trusted brands in the building sector including ACC, Aggregate Industries, Ambuja Cement, Disensa, Firestone Building Products, Geocycle, Holcim and Lafarge. Holcim is 70,000 people around the world who are passionate about building progress for people and the planet through four business segments: Cement, Ready-Mix Concrete, Aggregates and Solutions & Products.

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Venture Capital Fund Manager Token Bay Capital Granted In-Principle Approval To Invest In Tokens With First of Its Kind License in Abu Dhabi Global Market (ADGM)

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  • License will permit investment in both the equity and tokens of crypto start-ups
  • Opening of Token Bay’s new offices in ADGM aligns with planned second fund

Token Bay Capital Limited (“Token Bay”) is expanding its venture capital footprint in the capital of the UAE and has been granted an in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) to carry out regulated activities in the ADGM. Subject to final regulatory approval for the grant of the Financial Services Permission (FSP), Token Bay brings niche capabilities to manage both token and equity investments in early-stage crypto start-ups under the FSRA’s Venture Capital Fund Manager (VCFM) framework.

Founded in 2021, Token Bay is a leading Crypto Venture Capital Fund that has adopted a regulatory-first approach from day one. Token Bay invests in start-ups building next-generation blockchain infrastructure and decentralized applications for Web3. Building on the success of its first fund, Token Bay is now launching its second fund and will continue to back outstanding entrepreneurs building infrastructure solutions for the new token economy. In addition to Abu Dhabi, Token Bay also has offices in Hong Kong, and is strategically positioned across digital assets hubs in both the Middle East and Asia.

Founder and Managing Partner of Token Bay, Lucy Gazmararian: “This marks the first phase of global expansion for Token Bay, and we’re excited to have been granted the IPA in ADGM for venture capital investment in tokens as well as in equity. Blockchain technology has the potential to drive innovation through tokenization, and as blockchain networks continue to evolve, it is important that as venture capitalists we are fully equipped to support talented founders building in Web3 by directly participating in these networks and taking an ownership stake through tokens. We extend our sincerest thanks to the regulator for their forward-thinking approach and open dialogue so that we were able to reach this important milestone and establish Token Bay in one of the world’s leading international financial centres and digital assets hub.”

ADGM’s progressive regulatory framework, English common law legal framework, status as a leading centre for financial innovation and vibrant blockchain and digital assets ecosystem have attracted Token Bay to set up offices in the capital of the UAE.

Arvind Ramamurthy, Chief of Market Development at ADGM said, “We extend a warm welcome to Token Bay Capital as they join ADGM’s international financial centre and commence their establishment in Abu Dhabi, marking the beginning of their global expansion journey. ADGM is dedicated to cultivating innovation and excellence in the financial sector, particularly within the virtual asset space. With progressive regulatory frameworks that facilitate companies like Token Bay Capital, ADGM’s vibrant ecosystem stands as the optimal platform for initiating their global growth trajectory.”

Token Bay’s Venture Funds offer institutions, multi-national companies, private banks, family offices and high-net-worth individuals the opportunity to invest in an emerging asset class right at the start of a multi-decade cycle.

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Walmart chooses Swisslog ASRS powered by SynQ software to enhance transparency and delivery of quality products in third milk processing facility

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Swisslog, a leading provider of best-in-class intralogistics warehouse automation and software, has announced that Walmart will install a Swisslog automation solution within its Robinson, TX, facility to enable seamless material flow and increase uptime. Walmart is planning to break ground on the milk processing facility later this year with the facility scheduled to open in 2026.

This is the third Walmart milk processing facility to deploy Swisslog’s automated storage and retrieval solution (ASRS) featuring SynQ software and Vectura cranes. The company worked with Swisslog to open its first milk processing facility in Fort Wayne, IN, in 2018. This facility served as a blueprint for its second facility in Valdosta, GA expected to open in 2025, as well as for the just announced Texas facility.

According to Walmart, the ASRS continues the company’s commitment to building a more resilient and transparent supply chain to deliver high-quality products. It also will bolster the company’s capacity to meet consumer demand for milk. The products from the facility will serve more than 750 Walmart stores and Sam’s Clubs throughout the South including Texas, Oklahoma, Louisiana and parts of Arkansas and Mississippi.

Designed by Swisslog’s automation experts, the ASRS brings together five Vectura pallet stacker cranes with KUKA palletizing and de-palletizing robots, a ProMove pallet conveyor system, as well as a conveyor system for small loads. The automation solution operates on synchronized intelligence from Swisslog’s SynQ software, which provides warehouse management, material flow and automation control system functionality in a single, modular platform.

“We are honored that Walmart continues to put their trust in our automation solutions and our people behind those solutions,” said Sean Wallingford, president, and CEO of Swisslog Americas. “This has been a very collaborative relationship as our two teams work together to create value for Walmart and ensure our automation solutions and software enable the company and its farmers to bring fresh, transparently sourced dairy to market.”

SynQ management software not only optimizes the flow of the equipment to increase efficiency and accuracy of the operation, it also orchestrates the operation of multiple sub-systems. It equips warehouse automation and IT systems with synchronized intelligence of people, processes and machines to boost the efficiency and productivity of warehouse processes and adapt to changing market requirements. SynQ provides sophisticated inventory management and material flow capabilities that enable real-time inventory tracking and management of items to ensure freshness, quality and transparency of the food supply chain.

This project also includes Swisslog’s IT Managed Services, which puts in place experts to proactively manage the IT systems and software required to keep the equipment running at peak performance. The higher-level 24/7 support allows Walmart to free up internal resources from routine IT system administration, while also enabling data-driven proactive maintenance that helps reduce unplanned downtime.

For more information on Swisslog automation technologies and software, visit https://www.swisslog.com

About Swisslog

We shape the future of intralogistics with robotic, data-driven and flexible automated solutions that achieve exceptional value for our customers. Swisslog helps forward-thinking companies optimize the performance of their warehouses and distribution centers with future-ready automation systems and software. Our integrated offering includes consulting, system design and implementation, and lifetime customer support in more than 50 countries.

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Rally Ventures' Justin Kaufenberg Joins PayGround Board of Directors

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SportsEngine co-founder brings payments industry experience and understanding of consumer expectations as PayGround prepares for continued growth

Justin Kaufenberg, Managing Director of Rally Ventures, has accepted an invitation to join the Board of Directors of PayGround, a healthcare fintech payments platform. Kaufenberg, who is the co-founder and former CEO of SportsEngine, brings a unique entrepreneurial perspective as well as a deep understanding of payments and banking.

Rally Ventures participated in PayGround’s Series A fundraising in 2023.

“From our very first conversation, Justin and the Rally Ventures team have been enthusiastic about joining PayGround on our mission to empower individuals and families with a healthcare digital wallet,” says PayGround CEO Drew Mercer. “We are in a season of hyper-growth and innovation at PayGround, and we are looking forward to having Justin at the table as we look for ways to provide additional banking capabilities for both healthcare providers and consumers.”

A core investment focus for Rally Ventures is products that deliver mission-critical software with embedded payments and financial services.

“Fixing the payment process within the healthcare industry has proven difficult because of all of the disparate systems involved. This is an industry in dire need of innovation, and I believe PayGround is approaching the problem in a smart and strategic way,” Kaufenberg says. “I’m looking forward to offering any guidance I can to help PayGround move the healthcare payments industry forward as they develop a strategy that looks to integrate various billing systems into their platform. It’s an exciting time to be a part of this company.”

About PayGround

PayGround is a healthcare payments platform that streamlines the payment experience for providers and patients. For patients, it’s an easy-to-use mobile app to manage, track and pay all medical bills in one secure place. For medical providers, it’s a modernized payment platform that reduces costs, simplifies processes and boosts patient and employer satisfaction. PayGround — the meeting place for healthcare payments. Learn more at payground.com.

About Rally Ventures

Rally Ventures invests exclusively in early-stage business technology companies, focusing on entrepreneurs creating major new markets or bringing transformative approaches to existing ones. Since 1997, Rally Ventures’ partners and venture capital industry veterans have invested in or run early-stage enterprise business-to-business technology companies with a proven ability to deliver superior returns regardless of the overall market environment. For more information visit rallyventures.com.

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