The proposed consolidation of the Adani Group’s cement businesses moved a step closer on Thursday after stock exchanges issued their observations on key merger schemes involving ACC Limited, Ambuja Cements Limited and Orient Cement Limited.
ACC said it has received a ‘no adverse observations’ letter from BSE and a ‘no objection’ letter from NSE for its proposed amalgamation with Ambuja Cements. The merger scheme was approved by the boards of the two companies in December 2025 and remains subject to regulatory, shareholder, and creditor approvals.
Separately, Ambuja Cements and Orient Cement informed exchanges that they have also received similar clearances from BSE and NSE for the proposed amalgamation of Orient Cement with Ambuja Cements. The transaction will likewise require statutory and stakeholder approvals before implementation.
The exchange observations follow comments from the Securities and Exchange Board of India (SEBI), which directed the companies to provide extensive disclosures to shareholders, including details of ongoing enforcement proceedings, valuation methodologies, financial information, promoter shareholding changes, and the impact of the schemes on public shareholders.
NSE and BSE clarified that their observations are limited to listing and disclosure requirements and should not be construed as approvals of the schemes’ financial soundness. The companies will file the schemes before the National Company Law Tribunal (NCLT), with the exchange observation letters remaining valid for six months.
