Adani`s Acquisition of Holcim

Adani`s Acquisition of Holcim
Case Code: BSTR667
Case Length: 12 Pages
Period: 2020-23
Pub Date: 2024
Teaching Note: Available
Price: Rs.300
Organization : Adani Group
Industry : Diversified
Countries : India
Themes: Diversification Strategy, Growth Strategy, Business Environment,Competitive Environment
Adani`s Acquisition of Holcim
Abstract Case Intro 1 Case Intro 2 Excerpts


In May 2022, India’s leading multinational business conglomerate Adani Group acquired the Indian subsidiary units of leading global cement manufacturing giant, the Holcim Group - for an enterprise value of US$ 10.5 billion. The acquisition of the subsidiary units, Ambuja Cements Limited (ACL) and ACC Limited (ACCL), was considered to be a landmark in the history of the Indian cement industry. With the acquisition, the Adani Group, which had had a limited presence in the cement industry, became the second largest cement manufacturer in the country.

Strategically, the acquisition was considered as complementing the existing business units of Adani. The cement industry had huge scope in India with the increasing demand for cement as a result of the government’s policy initiatives for development of infrastructure and housing projects. The increasing middle class population and their demand for affordable housing had also spiked demand. The Adani Group was known for its unique diversification strategy that gave it an edge over the competition in different business segments.

Similarly, the acquisition of ACL and ACCL was expected to give it an advantage in the cement industry in India and across the globe. However, challenges remained with respect to balancing the integration of its internal business units with the cement businesses, and in meeting domestic and global market requirements.


The case is structured to achieve the following teaching objectives:

  • Discuss different diversification strategies
  • Analyze the pros and cons of a conglomerate diversification
  • Evaluate the challenges in diversification
  • Devise measures to mitigate the possible challenges of diversification



Market Penetration, Market Development, Product Development, Diversification, Horizontal diversification, Vertical Diversification, Conglomerate Diversification, Cement Industry, Ambuja Cements Limited, ACC Limited, Adani Group, Adani Enterprises Limited

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