Gautam Adani, chairman of Adani Group and Asia’s richest man, his son Karan and nephew Pranav, will join the boards of two of India’s oldest cement companies, ACC Ltd and Ambuja Cements Ltd, in an overhaul of the top management and board of the two cement makers, two people directly familiar with the matter said.
“The boards of ACC and Ambuja Cements are likely to witness the change in their composition on 16 September, following board meetings,” one of the two people said. Emails sent to spokespeople for Adani Group, Holcim, Ambuja Cements and ACC did not elicit any response.
Some existing board members likely to step down from the two cement makers’ boards include N.S. Sekhsaria, Jan Jenisch, Neeraj Akhoury and Martin Kriegner, the person said. Adani Group completed its due diligence of the two cement makers a few days ago, while the mandatory open offers for the public shareholders concluded with a lukewarm response.
The two simultaneous open offers by Adani Group to acquire 26% additional stakes each in ACC and Ambuja Cements closed on Friday. The offers for shares of both companies opened on 26 August. The open offers were launched by the Adani Group’s Mauritius-based firm, Endeavour Trade and Investment.
Currently, the ACC board has 12 members, including Sekhsaria, Jenisch, Kriegner, Sridhar Balakrishnan, Akhoury, Falguni Nayar, Vinayak Chatterjee, Shailesh Haribhakti, S.K. Roongta, Damodarannair Sundaram, Sunil Mehta and Life Insurance Corp. of India chairman M.R. Kumar. Ambuja Cements board comprises 15 members, including Sekhsaria, Jenisch, Nasser Munjee, Rajendra P. Chitale, Haribhakti, Omkar Goswami, Shikha Sharma, Christof Hassig, Kriegner, Then Hwee Tan, Ranjit Shabani, Ramanathan Muthu, Mario Gross, Arun Kumar Anand and Akhoury.
Pranay is currently the managing director of the agriculture, oil and gas business of Adani Group and a director of Adani Enterprises, the listed flagship of Adani Group. He also serves as a director of Adani Wilmar Ltd, whose flagship food brand Fortune commands over 20% market share in India’s edible oil segment, and heads Adani Realty, On the other hand, Karan is CEO of Adani Ports and SEZ Ltd, the conglomerate’s largest business. He is also a director of Adani Airport Holdings Ltd.
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In the two open offers, shares of Ambuja Cements and ACC were offered to be bought by Adani Group at 2385 per share and 2,300 apiece, respectively. The shares of ACC Ltd settled at 2,565 on the BSE, 2.82% higher than the offer price, while Ambuja Cements shares closed at 455.90, 17.9% higher when the open offer ended on Friday.
Currently, Ambuja Cements and ACC have a combined installed production capacity of 70 million tonnes per annum. The two companies together have 23 cement plants, 14 grinding stations, 80 ready-mix concrete plants, and more than 50,000 channel partners across India.
The takeover is set to position the Adani Group as India’s second-largest cement producer after Ultratech.
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