Deals

Asia’s Richest Man Forges $10.5 Billion Deal With Holcim

CEO Jenisch plans acquisitions with $6.4 billion in proceeds
Billionaire Adani beats out rivals, moves beyond core business

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Aaron Kirchfeld, Baiju Kalesh, and Suvashree Ghosh

May 15, 2022 at 1:16 PM UTC

Updated on

May 16, 2022 at 4:17 AM UTC

This article is for subscribers only.

Swiss building-materials firm Holcim Ltd. agreed to sell its Indian operations to local billionaire Gautam Adani, currently the richest person in Asia, another step in Chief Executive Officer Jan Jenisch’s pivot away from traditional cement.

Holcim will sell its 63% stake in Mumbai-listed Ambuja Cements Ltd. to Adani Group, it said in a statement Sunday. Adani said it plans to spend about $10.5 billion on the stake purchases and open offer consideration for Ambuja and related entities.