The Adani Group is in talks to acquire Heidelberg Materials’ cement operations in India, potentially valued at around $1.2 billion. The acquisition, led by Ambuja Cements, aligns with the ongoing consolidation in the industry. Adani, which entered the cement sector by acquiring Holcim’s India operations in 2022, aims to swiftly finalize the deal. Heidelberg operates in India through HeidelbergCement India and Zuari Cement and has a market cap of Rs 4,957 crore. The company has been active in India since 2006 and has increased its capacity significantly since then.
Issue of Production Capacity The listed entity has a market cap of Rs 4,957 crore and is 69.39% owned by the parent. Heidelberg is one of the world’s largest cement producers and is present in 50 countries.
Heidelberg entered the country in 2006 with the acquisition of Mysore Cement, Cochin Cement and a JV with Indorama Cement. After the acquisition of Italcementi in 2016, the group doubled its presence in India to a claimed 14 million tonnes, according to its website. Heidelberg and the Adani Group did not respond to queries.
Hindenburg Research replies to SEBI Chair Madhabi Puri Buch’s statement, says this
Hindenburg Research in a series of posts on X (formally Twitter) a few hours ago said SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch’s statement included several important admissions and raises numerous new critical questions.
Hindenburg Research claimed that Buch’s response now publicly confirms her investment in an obscure Bermuda/Mauritius fund structure, alongside money allegedly siphoned by Vinod Adani. She also confirmed the fund was run by a childhood friend of her husband, who at the time was an Adani director, it claimed.
The US-based short seller said SEBI was tasked with investigating investment funds relating to the Adani matter, which would include funds Madhabi Puri Buch was personally invested in and funds by the same sponsor, which were specifically highlighted in our original report.
This is obviously a massive conflict of interest, it claimed.
SEBI had on Sunday asked domestic stock investors to remain calm and exercise due diligence before reacting to Hindenburg Research reports. Investors may like to take note of the disclaimer in the Hindenburg Research report that states that readers should assume that the US-based short seller may have short positions in the securities covered in the report, SEBI suggested.
SEBI Chairperson Madhabi Buch’s response to our report includes several important admissions and raises numerous new critical questions.
Buch’s statement also claims that the two consulting companies she set up, including the Indian entity and the opaque Singaporean entity became immediately dormant on her appointment with SEBI in 2017, with her husband taking over starting in 2019. Per its latest shareholding list as of March 31st, 2024, Agora Advisory Limited (India), is still 99 per cent owned by Madhabi Buch, not her husband. This entity is currently active and generating consulting revenue,” Hindenburg Research said.
Hindenburg Research added that the Sebi chief remained a 100 per cent shareholder of Agora Partners Singapore until March 16th, 2022, per Singaporean records, owning it during her entire time as a SEBI Whole Time Member. She only transferred her shares into her husband’s name two weeks after her appointment as SEBI Chairperson, it noted.
The Singaporean consulting entity she set up doesn’t publicly report its financials like revenue or profit so it’s impossible to see how much money this entity has earned during her time at SEBI.
The Indian entity, still 99% owned by the SEBI Chairperson, has generated INR… pic.twitter.com/NXQkOsSkgD
The Singaporean consulting entity she set up doesn’t publicly report its financials like revenue or profit so it’s impossible to see how much money this entity has earned during her time at SEBI. The Indian entity, still 99 owned by the SEBI Chairperson, has generated Rs 23,985 million ($312,000) in revenue (i.e. consulting) during the financial years (‘22, ‘23, and ‘24), while she was serving as Chairperson, per its financial statements,” Hindenburg Research said.
This, Hindenburg Research said, is especially important given whistleblower documents showing that Buch used her personal email to do business using her husband’s name while serving as a Whole Time Member of SEBI.
In 2017, weeks ahead of her appointment as SEBI Whole Time Member, she ensured the accounts with ties to Adani be registered solely in the name of Dhaval Buch, her husband, per whistleblower documents. Despite disclaiming control, a private email she sent a year into her SEBI term shows she redeemed stakes in the funds through her husband’s name, per the whistleblower documents,” Hindenburg Research said.
This raises the question: What other investments or business has the SEBI Chairperson engaged in through her husband’s name while serving in an official capacity? Buch said her husband used the consulting entities starting in 2019 to transact with unnamed prominent clients in the Indian industry. Do these include clients SEBI is tasked with regulating?,” Hindenburg Research said.
The US-based short seller said Buch’s statement promised a “commitment to complete transparency”.
Given this, will she publicly release the full list of consulting clients and details of the engagements, both through the offshore Singaporean consulting firm, the Indian consulting firm and any other entity she or her husband may have an interest in? Finally, will the SEBI Chairperson commit to a full, transparent and public investigation into these issues?,” it asked.
Buch’s statement promised a “commitment to complete transparency”.
Given this, will she publicly release the full list of consulting clients and details of the engagements, both through the offshore Singaporean consulting firm, the Indian consulting firm and any other entity she…
Mr Mukesh Ambani, the Managing Director and Chairman of Reliance Industries, is India’s wealthiest individual. As reported by Forbes, Reliance Industries has a revenue of over Rs 8 lakh crore ($104 billion). It is involved in diverse sectors such as petrochemicals, oil and gas, retail, telecom, and more. Ambani’s three children, Akash, Anant, and Isha, are actively involved in managing different divisions of the conglomerate.
Gautam Adani
Age: 61 Years
Net Worth: $51.7 B
Source of Wealth: Adani Group
Gautam Shantilal Adani, an Indian billionaire industrialist, is renowned as the founder and chairman of the Adani Group, a multinational conglomerate that is involved in port operations and development within India. The Adani Foundation, established by Gautam Adani in 1996, has his wife, Priti Adani, serving as its chairperson. The group’s business interests encompass various sectors, including ports, airports, power generation and transmission, and green energy. Adani is recognised as India’s largest airport operator and also controls Gujarat’s Mundra Port, the country’s largest.
In January 2023, Hindenburg Research, a U.S. firm, accused Adani and his companies of financial fraud and stock market manipulation. After the report was released, the stocks of Adani Group companies have been in free fall, resulting in a wipeout of over $120 billion in their market value.
Shiv Nadar
Age: 78 Years
Net Worth: $29.1 B
Source of Wealth: HCL Enterprise
Shiv Nadar is the proprietor of the HCL group. HCL boasts renowned clientele such as Cisco, Microsoft, and Boeing. In recognition of his remarkable contributions to the IT industry, Mr Nadar was bestowed with the Padma Bhushan, India’s esteemed third-highest civilian distinction, by the Indian government in 2008. Mr Nadar is a highly respected philanthropist, donating Rs 1,161 crore in late 2022.
Savitri Jindal & family
Age: 73 Years
Net Worth: $25.3 B
Source of Wealth: O.P. Jindal Group
Savitri Jindal is an Indian politician and entrepreneur who holds the esteemed position of emeritus chair at the O.P. Jindal Group. The various divisions of the business are run by her four sons: Prithviraj, Sajjan, Ratan and Naveen Jindal. Further, JSW Sports, the sports division of the JSW Group, operates as part of the conglomerate that spans India, the USA, South America, Europe, and Africa. Its objective is to actively contribute to developing a vibrant sports ecosystem in India. Savitri Jindal is the richest woman in India.
Cyrus Poonawalla
Billionaire Cyrus Poonawalla, chairman of Serum Institute of India Ltd., sits for a photograph in Pune, Maharashtra, India, on Monday, May 4, 2015. Serum, Asia’s largest vaccine maker, will look at a possible merger with generic drugmaker Cipla Ltd. if the European venture between the two companies succeeds. Photographer: Sanjit Das/Bloomberg via Getty Images
Age: 82 Years
Net Worth: $21.2 B
Source of Wealth: Serum Institute of India
Cyrus Poonawalla, a prominent figure in vaccine development within India, stands as the primary beneficiary of the expanding sales and earnings through his ownership of the privately held Serum Institute of India. Assisting him in its management is his son Adar. The institute is headquartered in Pune. Notably, the Serum Institute has the prestigious title of being the world’s largest vaccine manufacturer. The recent increase in Cyrus Poonawalla’s wealth can largely be attributed to the widespread utilisation of the Covid-19 vaccines developed by the SII.
Dilip Shanghvi
Age: 67 Years
Net Worth: $19.5 B
Source of Wealth: Sun Pharmaceuticals
Dilip Shanghvi is a prominent Indian business tycoon and the visionary behind Sun Pharmaceutical Industries, the first Indian pharma company with a $5 billion valuation. He grew Sun through a series of acquisitions, the biggest of which was the 2014 purchase of scandal-tainted rival Ranbaxy Laboratories for $4 billion.
Radhakishan Shivkishan Damani
Age: 68 Years
Net Worth: $16.6 B
Source of Wealth: Avenue Supermarts Limited
Radhakishan Shivkishan Damani, an Indian entrepreneur and prominent investor, is renowned as the founder of Avenue Supermarts Limited, which runs more than 200 DMart stores in India. Additionally, he exercises control over his investment ventures via his company, Bright Star Investments Limited.
Kumar Mangalam Birla
Age: 56 Years
Net Worth: $17.8 B
Source of Wealth: Hindalco Industries
Recognised as a prominent figure in the field of commodities, Kumar Birla assumes leadership over the Aditya Birla Group. Apart from its involvement in the aluminium and cement sectors, the group also provides financial services. Birla also held the role of the non-executive chairman of the Vodafone Idea telecommunications company; however, he stepped down in 2021 as the entity got riddled with more debts. As of 2023, the company has appointed Birla as a non-executive director.Recently, Birla’s children, Ananya and Aryaman, have joined his board of flagship companies. Birla expects them to bring fresh ideas, passion, and energy to the business.
Lakshmi Mittal
Age: 73 Years
Net Worth: $15.2 B
Source of Wealth: ArcelorMittal
Lakshmi Mittal is the current Chairman and CEO of ArcelorMittal—renowned as the largest global steel manufacturer. In 2019, in collaboration with Nippon Steel, ArcelorMittal successfully acquired Essar Steel for $5.9 billion, a company previously owned by Shashi and Ravi Ruia. In 2021, Mittal passed on the CEO role to his son, Aditya Mittal, while maintaining his position as the executive chairman of ArcelorMittal. Russia’s recent invasion of Ukraine caused ArcelorMittal to stop production at its Kryvyi Rih facility in Ukraine.
Kushal Pal Singh
Age: 92
Net Worth: $13.7 B
Source of Wealth: DLF Limited
Property baron Kushal Pal Singh is chairman emeritus of DLF, India’s biggest listed real estate firm by market cap. Singh is an army veteran. He joined DLF’s a company started by his father-in-law in 1961 and served as chairman for more than five decades.
Uday Kotak
Age: 64 Years
Net Worth: $13.2 B
Source of Wealth: Kotak Mahindra Bank
Uday Kotak, a prominent figure in India, holds the esteemed Founder and Managing Director position at Kotak Mahindra Group. In 2020, Uday Kotak decided to dilute his stake in the bank for greater regulatory flexibility and improved compliance. As for succession plans, Uday Kotak has been grooming his son, Jay Kotak, to take on a leadership role within the organisation.
Who are the top 10 richest people in the world?
The top 10 richest people in the world (as of August 21, 2023) are:
The Competition Commission of India (CCI) approved the acquisition of SB Energy Holding Limited (“Target”) by Adani Green Energy Limited (“Acquirer”) under Section 31(1) of the Competition Act, 2002. The Proposed Combination envisages the acquisition of the entire (i.e., 100%) shareholding of the Target by the Acquirer from the Target’s existing shareholders.
The Acquirer is engaged in the business of power generation through renewable energy. The Acquirer is part of the Adani group, which is an Indian multinational conglomerate comprising six publicly traded companies. In India, the Acquirer and its subsidiaries are engaged in the business of power generation inter alia through (i) solar energy, (ii) wind energy and (iii) hybrid energy.
The Target, through various special purpose vehicles (“SPVs”) is engaged in generation, supply and sale of electricity and energy produced from renewable sources. The Target is the ultimate holding company for SPVs formed in India that focus on developing renewable energy projects.
