The National Company Law Tribunal (NCLT) has officially approved the merger of Adani Cementation with Ambuja Cements, in a move aimed at streamlining Adani Group’s cement operations.
The Ahmedabad bench of the NCLT sanctioned the scheme of amalgamation on July 18, 2025. According to the order, the effective date of the merger will be treated as April 1, 2024, as per The Economic Times report.
This strategic consolidation is part of the group’s broader initiative to simplify its cement business structure, which includes assets housed under Adani Cementation and Ambuja Cements.
Post-merger, Ambuja Cements will absorb all assets, rights, and operations of Adani Cementation, enhancing manufacturing and operational efficiency.
The merger will be executed via a share swap arrangement, where Adani Enterprises Adani Cementation’s parent will receive 8.7 million shares of Ambuja Cements.
The NCLT has directed Ambuja Cements to adhere to applicable guidelines issued by SEBI and relevant stock exchanges, including BSE, NSE, and the Luxembourg Stock Exchange, where Ambuja's Global Depository Receipts (GDRs) are listed.
Adani Group companies stated that the merger would bring greater value addition and help expand Ambuja’s cement production capacity more efficiently. The unified operations are expected to optimise resource usage, reduce compliance burdens, and lower overhead costs.
The integration will also help accelerate construction work across sites currently under Adani Cementation and its subsidiaries.
Adani Cementation holds lease rights to limestone reserves of around 275 million tonnes at Lakhpat, Gujarat, and has proposed setting up a cement plant in Raigad, Maharashtra.
Read More: Ambuja Cements’ Share Price in Focus Amid Sanghi Merger Plan: 12:100 Share Swap Explained.
Ambuja Cements, which crossed 100 million tonnes per annum (MTPA) capacity in FY25, aims to scale to 118 MTPA by FY26 and 140 MTPA by FY28. The expansion will primarily come through brownfield projects.
This merger aligns with Adani Group's inorganic growth strategy in the cement sector. Since entering the market in 2022 through a $6.4 billion acquisition of Ambuja Cements from Holcim, the group has actively pursued additional takeovers including Penna Cement, Sanghi Industries, and most recently, Orient Cement.
With this consolidation, Adani Group strengthens its position as India’s second-largest cement producer, trailing only UltraTech Cement (Aditya Birla Group), which commands a capacity of 192.26 MTPA.
Read More: Adani Group Recent Acquisitions Across Power, Ports, and Cement in H1 2025.
The NCLT’s approval of the Adani Cementation Ambuja Cements merger marks a significant step in Adani Group's ambition to scale and simplify its cement business. As Ambuja Cements gears up for capacity expansion, investors and industry stakeholders will closely watch how these structural changes translate into operational advantages and market positioning in India’s competitive cement sector.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
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Published on: Jul 21, 2025, 11:15 AM IST
Neha Dubey
Neha Dubey is a Content Analyst with 3 years of experience in financial journalism, having written for a leading newswire agency and multiple newspapers. At Angel One, she creates daily content on finance and the economy. Neha holds a degree in Economics and a Master’s in Journalism.
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