Ambuja Cements Approves Merger of ACC and Orient Cement, Creating Cement Giant to Take on UltraTech

Adani Group–owned Ambuja Cements Ltd has approved the amalgamation of ACC Ltd and Orient Cement Ltd with itself, a strategic move aimed at creating a single, large cement company with a pan-India presence that will directly compete with Aditya Birla Group’s UltraTech Cement, the country’s largest cement maker.

The board of Ambuja Cements has also cleared the share swap ratios for the proposed merger. Under the scheme, ACC shareholders will receive 328 equity shares of Ambuja Cements (face value ₹2 each) for every 100 equity shares of ACC (face value ₹10 each) they hold. Meanwhile, Orient Cement shareholders will get 33 equity shares of Ambuja Cements (face value ₹2 each) for every 100 equity shares of Orient Cement (face value ₹1 each).

Commenting on the consolidation, Karan Adani, Non-Executive Director at Ambuja Cements Ltd, said the merger represents a transformational step in building a globally competitive cement and building materials company. “By bringing Ambuja Cements, ACC and Orient Cement under a single corporate structure, we are strengthening our ability to drive operational excellence, accelerate growth and deliver sustainable long-term value,” he said.

He added that the merger builds on the group’s proven execution capabilities and will further enhance efficiency and productivity. According to Adani, a robust and resilient balance sheet will enable the unified entity to support future growth initiatives effectively.

The amalgamation will create a large, integrated pan-India cement company, benefiting from an optimised manufacturing footprint and an integrated logistics and distribution network. The company said the merger would unlock significant operational synergies by streamlining corporate structures, strengthening the balance sheet and enabling more efficient capital allocation to support expansion and bolster market leadership.

Ambuja Cements said the consolidation would also help simplify and rationalise branding, marketing and sales promotion expenses across the combined businesses. These measures are expected to reduce costs and improve margins by at least ₹100 per metric tonne (PMT).

With India’s cement demand expected to grow on the back of infrastructure development, housing and urbanisation, the proposed merger positions the Adani Group to significantly strengthen its presence in the cement sector and challenge the market leadership of UltraTech Cement through scale, efficiency and improved profitability.