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


Cement Industry

The demand for cement in India was expected to reach 419.92 million tons by the year 2027. At the same, cement production was also expected to increase at a Cumulative Annual Growth Rate (CAGR) of 5.65% between 2016 and 2022. The cement industry was also planning to increase the installed capacity of cement production to 80 million tons during the year 2024. This was considered to be the highest installed capacity since 2014..

The Holcim Group

The origin of the Holcim Group (Holcim) can be traced back to the year 1912. It was founded by Adolf Gygi as a cement manufacturing unit in a small town called Holderbank, located in Lenzburg district, 40 km away from Zurich in Switzerland..

Holcim in India

The entry of Holcim into India was considered to be a landmark in the history of the cement industry in the country..

The Synergy

Adani’s acquisition of Holcim India gained importance in light of the growing demand for construction activities in the country. Though India was one of the largest manufacturers of cement in the world, the country scored low in terms of consumption patterns..

Road Ahead

On closing the deal on September 17, 2022, Gautam anticipated that production capacity could be increased from the level of 65.9 million ton per annum to 140 million ton per annum in the next five years. He was confident that the expertise, competencies, and the leverage of associating with the leading cement companies ACCL and ACL added value and put forward the vision as anticipated..


Exhibit I: Core Business Units of the Adani Group
Exhibit II: Government Initiatives Contributing to the Growth and Demand for Cement Business in India
Exhibit III: Top Players in the Indian Cement Industry

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