In September 2022, the Adani Group laid the foundation for its expansion into the cement business by acquiring Swiss firm Holcim's stakes in ACC and Ambuja for $6.4 billion. By March 2023, the conglomerate is reportedly trying to sell a stake in Ambuja Cement to raise $450 million to cut its debt.
But a report by the Morning Context showed that Vinod Adani owns both cement entities, as opposed to popular belief that Gautam Adani has acquired them.
A tale of two Adanis
It pointed out that a Mauritius-based firm Endeavour Trade and investments was used as a special purpose vehicle to buy Holcim's stake in ACC and Ambuja Cement. This company is controlled by Vinod Adani.
Responding to CNBC's queries on the same, the Adani Group confirmed that Vinod Adani controlled Endeavour owns ACC and Ambuja Cement, and said that the firm belongs to the Adani Group.
As Vinod Adani's name appeared in the Hindenburg report alleging that he managed a network of shell firms to inflate Adani Group stocks, the conglomerate distanced itself from him.
Changing equations among siblings?
The group had stated in January 2023 that Vinod Adani does not hold any managerial position in any Adani Group subsidiary, and doesn't play a role in everyday affairs.
When Vinod Adani had been named in the Panama papers for establishing a shell company, the Adani Group had called him an NRI with his separate business abroad to distance itself.
But the latest assertion about Ambuja and ACC clearly portrays Vinod Adani and Gautam Adani's firm as part of a single entity in their ownership of the cement business.
