Gautam Adani wants to cement his grip on India’s heavy industry
Asia’s richest man buys a Swiss-controlled building-materials business for $10.5bn
Gautam adani is a man of few words but, as Asia’s richest tycoon, plenty of means. On May 15th he agreed to pay $10.5bn for Ambuja Cement, India’s second-biggest cement-maker, controlled by Holcim, a Swiss building-materials behemoth. Mr Adani’s terse statement accompanying the deal belies its significance. It will be the largest outright acquisition of an Indian company since Walmart, an American supermarket titan, purchased Flipkart, an Indian e-merchant, in 2018.
This article appeared in the Business section of the print edition under the headline “A new foundation”
Business May 21st 2022
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- Elon Musk, Twitter and an epic case of buyer’s remorse
- Gautam Adani wants to cement his grip on India’s heavy industry
- SPACs raised billions. As mergers dry up, we follow the money
- Shares in America’s big retailers swoon
- Making brainstorming better
- Why America’s clean-energy industry is stuck
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