No tax on USD 6.38 bn transaction with Adani, says Holcim
No tax on USD 6.38 bn transaction with Adani, says Holcim
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Holcim, a Swiss construction materials company, said its USD6.38 billion transaction with Asia's richest man, Gautam Adani, is tax-free.

Holcim has signed a formal agreement with the Adani Group to sell a 63 percent stake in Ambuja Cement, which has a 54.53 percent stake in ACC (of which 4.48 percent is direct shareholding). "So, based on our calculations, it's a tax-free transaction," Holcim CEO Jan Jenisch said after the deal was announced on Monday.

According to the agreement, Adani Group will pay CHF 6.4 billion (USD6.38 billion) for Holcim's entire ownership in Ambuja Cement and ACC. The next day, Adani made an open offer to public shareholders for a 26% stake in each of the two listed businesses, Ambuja Cements and ACC Ltd.

The Adani family is channelling the acquisition through Endeavour Trade and Investment, a Mauritius-based firm sponsored by Acropolis Trade and Investment Ltd.

According to the open offer, "the ultimate beneficial ownership of Acropolis Trade and Investment Ltd is held by several members of the Adani family." The acquisition is expected to finalise in the second part of this year, according to Holcim.

The Swiss construction giant is also optimistic about receiving regulatory approval from India's Competition Commission for the full purchase, which is valued at nearly USD10.5 billion.

Abu Dhabi-based Co IHC invests Rs 15,400 crore in Adani companies

Adani Group to buy Holcim’s India assets for USD10.5 billion

Adani Group's statement came on the news of being made a Rajya Sabha MP

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