Ambuja Cements, ACC shares in focus as Adani Enterprises clarifies on Vinod Adani

Shares of Adani group cement companies Ambuja Cements and ACC will continue to be in focus on Friday morning after Adani Enterprises in a clarification to stock exchanges said Vinod Adani is an immediate relative of the individual promoters and, accordingly, is part of the ‘promoter group’ of various listed entities within the Adani group, as per the applicable Indian regulations.

Clarifying on a news report that suggested the Adani group does not own Ambuja Cements and ACC and that Vinod Adani is the ultimate beneficiary, Adani Enterprises said Gautam Adani and Rajesh Adani are individual promoters of various listed entities within the Adani group and Vinod Adani is an immediate relative.

"This fact has been submitted to Indian regulatory authorities from time to time in various disclosures. Further, the fact that Endeavour Trade and Investment Limited (an entity controlled by Mr. Vinod Adani), the acquirer of ACC and Ambuja Cements, belongs to the Adani Group has been disclosed in the public offer document dated August 19, 2022 on page 22," it said.

The clarification came towards the fag end of Thursday's trade, lifting shares of Ambuja Cements and ACC.

The Adani group had in September last year acquired Ambuja and ACC from Swiss cement major Holcim for $10.5 billion, becoming the country's second-largest cement manufacturer after Aditya Birla Group's UltraTech Cement. For the transaction, the Adani Group created a special-purpose vehicle called Endeavour Trade and Investment Ltd.

But some media reports claimed that this entity is based in Mauritius and owned by Vinod Adani. "This means neither Adani Enterprises nor any of the Adani group's other listed companies in India or their subsidiaries acquired Ambuja Cements/ACC," a media report said.

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