In a major strategic overhaul, the Adani Group has confirmed the mega-merger of its cement empire into a single, unified entity.1 This consolidation brings ACC Ltd, Orient Cement, Sanghi Industries, and Penna Cement under the flagship banner of Ambuja Cements.2
The move, announced in late December 2025 and moving into active integration as of January 2026, aims to create a “One Cement” platform to challenge the current market leader, UltraTech Cement.3
The “One Cement” Strategy
The primary objective of this merger is to eliminate the corporate overlap that has existed since Adani acquired Holcim’s India assets in 2022.4
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Unified Branding: While the corporate structure is being flattened, the group will continue to use the “Adani Ambuja” and “Adani ACC” brands to maintain their long-standing market equity.5
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Operational Synergies: The merger is expected to unlock savings of at least ₹100 per metric tonne by optimizing logistics, power, and supply chain functions.6
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Expansion Target: The consolidated entity is targeting a production capacity of 118 MTPA (Million Tonnes Per Annum) by March 2026, with a further goal of 155 MTPA by 2028.7
Share Swap Ratios
For the listed entities involved in the merger, the boards have approved the following swap ratios:
| Company | Swap Ratio (Ambuja Shares issued) |
| ACC Ltd | 328 shares for every 100 shares held |
| Orient Cement | 33 shares for every 100 shares held |
Analyst View: Brokerage firms like HSBC and Motilal Oswal have noted that the merger removes the “complexity discount” that historically weighed on ACC and Ambuja stocks, potentially leading to a re-rating of the sector.8
Key Financial Impacts
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Debt-Free Balance Sheet: Ambuja Cements remains debt-free with a net worth of over ₹19,900 crore, providing the “resilience” needed to fund future greenfield and brownfield expansions.
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Promoter Holding: Post-merger, the Adani Group’s stake in the unified Ambuja Cements is expected to dilute slightly to 60.9% (from ~67%).9
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Cost Leadership: By integrating Orient Cement’s high-quality limestone reserves in the South and ACC’s vast distribution network in the North/East, the group aims to become the world’s lowest-cost cement producer within five years.10
Road to Completion
The merger is currently in the regulatory approval phase, including oversight from the National Company Law Tribunal (NCLT) and shareholders.11 It is expected to be fully completed within the next 12 months. During this period, both Adani and UltraTech are expected to pause large-scale M&A activities to focus on integrating their newly acquired assets.12