The National Company Law Tribunal NCLT has officially approved the merger of Adani Cementation with Ambuja Cements. This decision will help the Adani Group consolidate its cement operations and bring strategic and operational benefits under one company.
The Ahmedabad bench of the NCLT passed the order on July 18, sanctioning the scheme of amalgamation. The effective date for the merger has been set as April 1, 2024. According to the tribunal, “The scheme of amalgamation annexed as Annexure I to the company petition is hereby sanctioned, and it is declared that the same shall be binding on the petitioner companies and their shareholders and creditors and all concerned under the scheme.”
As part of the merger, Adani Enterprises will receive 8.7 million shares of Ambuja Cements. The NCLT also instructed Ambuja Cements to follow all relevant rules and directions issued by SEBI, BSE, NSE and the Luxembourg Stock Exchange, where its Global Depository Receipts are listed.
The order stated that all assets, rights, and powers of Adani Cementation will be transferred to Ambuja Cements without any further legal action. The merger is expected to enhance value for shareholders, improve resource efficiency, reduce overheads, and lower compliance requirements.
This move will allow Ambuja Cements to expand its manufacturing capacity more seamlessly by absorbing the business of Adani Cementation. It will also help speed up construction activities across various project sites.
Adani Cementation currently holds lease rights for limestone reserves of about 275 million tonnes in Lakhpat, Gujarat, and has proposed a manufacturing facility in Raigad, Maharashtra. Ambuja Cements, which recently crossed 100 million tonnes per annum capacity in financial year 2025, now aims to reach 118 MTPA by 2026 and 140 MTPA by 2028 through brownfield expansion.
Adani Group entered the cement industry in September 2022 after acquiring stakes in Ambuja Cements from a Swiss company for USD 6.4 billion. Since then, Ambuja has acquired Penna Cement, Sanghi Industries, and more recently, Orient Cement. The largest player in the Indian cement market remains UltraTech Cement, with a capacity of 192.26 MTPA.
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