Adani pledges stake worth $13 billion in newly acquired ACC, Ambuja Cements

Stakes in two of those companies – about 57% of ACC Ltd. and 63% in Ambuja Cements Ltd. – have been encumbered “for the benefit of certain lenders and other finance parties,” according to separate filings made to Indian stock exchanges by Deutsche Bank AG’s Hong Kong branch.

The tycoon plans to double his company’s annual capacity by 2027. The Adani Group, the new owner of the Ambuja Cement-ACC combine, is looking to double its cement manufacturing capacity by 2030 to 140 million tonnes per annum, putting it close on the heels of market leader UltraTech Cement.

Gautam Adani’s son Karan to helm newly-bought cement firms