Ambuja Cements has cleared a major group restructure that will merge ACC and Orient Cement into Ambuja, bringing Adani’s main cement businesses under one listed company. The plan was approved by Ambuja’s board on Monday, December 22, 2025, as per an exchange filing.

The move comes as India’s cement sector sees more deals, with bigger players buying regional firms to grow faster and widen reach.

Along with ACC and Orient Cement, the scheme also includes Sanghi Industries and Penna Cement, which the Adani group has acquired in recent years. After the merger, Adani Group’s holding in Ambuja Cements is expected to fall to 60.94{3ed7819c3563dca85364f9c966d48c284cd3d43c23a196a6bbb99b5b9eebb247} from 67.65{3ed7819c3563dca85364f9c966d48c284cd3d43c23a196a6bbb99b5b9eebb247}, based on details reported from the filing.

Ambuja and ACC are expected to continue as separate brands after the corporate change, according to the same report.

Under the share exchange plan, ACC shareholders will get 328 Ambuja shares for every 100 ACC shares. Orient Cement shareholders will get 33 Ambuja shares for every 100 Orient shares.

A JM Financial note dated December 23 said the ACC swap ratio is close to the market price, while the Orient Cement ratio offers about a 9{3ed7819c3563dca85364f9c966d48c284cd3d43c23a196a6bbb99b5b9eebb247} premium to minority shareholders.

The merger is expected to take up to 12 months and will need approvals from shareholders and the National Company Law Tribunal. Reports said it may not face a detailed review at the Competition Commission of India because it is mainly a parent-subsidiary merger.

On Tuesday, December 23, Orient Cement shares rose as much as 9.8{3ed7819c3563dca85364f9c966d48c284cd3d43c23a196a6bbb99b5b9eebb247} to an intraday high of ₹180, while Ambuja Cements was up as much as 4.3{3ed7819c3563dca85364f9c966d48c284cd3d43c23a196a6bbb99b5b9eebb247} to ₹563.25. ACC was down about 1.3{3ed7819c3563dca85364f9c966d48c284cd3d43c23a196a6bbb99b5b9eebb247} in early trade, as per ETMarkets.

Ambuja and UltraTech Cement have been buying assets to build scale as India spends more on roads, housing, and other projects. UltraTech completed the transfer of Kesoram Industries’ cement business to UltraTech with effect from March 1, 2025, as per the company’s update.

The sector is also getting support from stronger output data. Government data for November showed cement production up 14.5{3ed7819c3563dca85364f9c966d48c284cd3d43c23a196a6bbb99b5b9eebb247} year-on-year, Reuters reported on December 22.

On the demand side, ICRA has said it expects cement volumes to rise 6–7{3ed7819c3563dca85364f9c966d48c284cd3d43c23a196a6bbb99b5b9eebb247} year-on-year to about 480–485 million tonnes in FY2026, backed by housing and infrastructure demand.

Ambuja says the group’s combined cement capacity is 107 million tonnes, and the company has raised its longer-term capacity target to 155 million tonnes by FY2028, according to The Economic Times.

Beyond the board approvals and reported swap terms, there has been no new public update on the exact completion date or the next hearing dates with regulators as of December 23, 2025.

Ambuja Cements has approved a merger plan to absorb ACC and Orient Cement, with Sanghi and Penna also part of the wider group reshuffle. The deal sets out clear share swap ratios, needs court and shareholder approvals, and is being watched closely as the race with UltraTech heats up in a sector where demand is being supported by housing and infrastructure spend.