Is ACC Limited a subsidiary of Adani Group?

Yes. ACC Limited is a subsidiary of Ambuja Cements, which is in turn controlled by Adani Group. Ambuja Cements holds a 50.05% stake in ACC. Adani Group acquired this position in September 2022 through its $10.5 billion purchase of Holcim Group's India cement assets. ACC is publicly listed on the NSE (ACC) and BSE (500410).

Is ACC Limited publicly traded?

Yes, ACC Limited is publicly traded on India's National Stock Exchange under ticker ACC and on the Bombay Stock Exchange under code 500410. However, its parent, Adani Group, is a privately held conglomerate controlled by the Adani family. Ambuja Cements, the immediate controlling shareholder, is also publicly listed.

When was ACC Limited founded?

ACC was formally established on August 1, 1936, through the merger of ten existing cement companies. The merger was proposed by F. E. Dinshaw, who is recognized as the founder. The constituent companies belonged to the Tata, Khatau, Killick Nixon, and Dinshaw groups. The company was originally named The Associated Cement Companies Limited, changed to ACC Limited in 2006.

Who founded ACC Limited?

ACC was founded through a merger orchestrated by Framroze Edulji Dinshaw, a Bombay financier and industrialist. Dinshaw died in January 1936, months before the merger was completed in August 1936. The first chairman was Sir Nowroji B. Saklatvala. The Tata group was closely associated with ACC from its founding until 2000, when it sold its 14.45% stake.

What is ACC Limited's market position?

ACC is one of India's largest cement brands by sales volume, with 43.9 million tonnes sold in FY2026. It operates within the Adani Cement platform, which has a combined capacity of approximately 109 MTPA as of June 2026, making it the second largest cement platform in India after UltraTech. ACC has a pan-India presence with particular strength in eastern and central India.

Where is ACC Limited manufactured?

ACC manufactures cement across India, with integrated plants and grinding units in states including Gujarat, Madhya Pradesh, Chhattisgarh, Jharkhand, Odisha, Karnataka, Maharashtra, Rajasthan, and Uttar Pradesh. The company also operates ready-mix concrete plants across India. Its headquarters is in Mumbai, Maharashtra, with its registered office at Adani Corporate House in Ahmedabad, Gujarat.

Has ACC Limited had any controversies?

ACC was investigated by the Competition Commission of India in 2012 for alleged collusive pricing, along with other major cement producers. As a subsidiary of Adani Group, ACC is indirectly affected by the controversies surrounding the group, including the January 2023 Hindenburg Research report alleging stock manipulation and accounting fraud. The group has denied these allegations. ACC's limestone mining operations have also faced local environmental opposition.

Conglomerates & Industrial

Who Owns ACC Limited?

ACC Limited is owned by Adani Group, an Indian multinational conglomerate controlled by Gautam Adani and headquartered in Ahmedabad, Gujarat, India. Adani Group acquired ACC through its purchase of Holcim Group's India assets in September 2022 for approximately $10.5 billion, which included both Ambuja Cements and ACC. Ambuja Cements holds a 50.05% stake in ACC. ACC was founded in 1936 and is headquartered in Mumbai, Maharashtra, India.

Parent Company

Adani Group

Acquired

2022

Status

Private

Headquarters

Mumbai, Maharashtra, India

ACC Limited Timeline

1936

ACC Limited

Founded by F. E. Dinshaw

Founded

2022

Acquired by Adani Group

Adani Group acquired ACC Limited

Acquired

mid rangemass marketAsia PacificOfficial Website

Who Owns ACC Limited?

Parent Company: Adani Group
Ownership Type: Subsidiary
Acquisition Year: 2022
Company Type: Privately Held

Brand	Parent Company	Ownership Type
ACC Limited	Adani Group	Subsidiary

History of ACC Limited

Founded: 1936
Founders: F. E. Dinshaw
Acquired by Adani Group: 2022

ACC was formally established on August 1, 1936, through the merger of ten existing cement companies. The merger was proposed by Framroze Edulji Dinshaw, a Bombay financier and industrialist recognized as the founder of ACC. Dinshaw died in January 1936, months before the merger was completed. The ten constituent companies belonged to four prominent business groups: Tata, Khatau, Killick Nixon, and the F. E. Dinshaw group. The first chairman was Sir Nowroji B. Saklatvala, and the first board of directors included J. R. D. Tata, Ambalal Sarabhai, Walchand Hirachand, and Dharamsey Khatau.

The formation of ACC was the country's first notable corporate merger, created to address overcapacity and price competition in the young Indian cement industry. The company's original name, The Associated Cement Companies Limited, reflected its origins as a consortium. The name was changed to ACC Limited on September 1, 2006.

The Tata group was intimately associated with ACC from its formation until 2000. Between 1999 and 2000, Tata sold its entire 14.45% shareholding in ACC, ending a 64-year association. The shares were acquired by Gujarat Ambuja Cements (later Ambuja Cements), which became a major shareholder.

In 2004, Holcim Group, the Swiss cement multinational, took management control of ACC. Holcim acquired stakes in both ACC and Ambuja Cements, operating them as sister companies within its India portfolio. Under Holcim ownership, ACC expanded its capacity and adopted Holcim's global operational standards. The company invested in new plants, waste heat recovery systems, and sustainability initiatives.

In 2021, Holcim announced a global strategic review of its India assets. Adani Group emerged as the buyer, and the transaction closed in September 2022 at approximately $10.5 billion, covering Holcim's stakes in both Ambuja Cements and ACC. The acquisition gave Adani Group the second largest cement platform in India overnight.

Under Adani ownership, ACC has been integrated into the broader Adani Cement platform. The combined Adani Cement capacity (including Ambuja, ACC, Sanghi, Penna, and Orient) reached approximately 109 MTPA as of June 2026, with a stated target of 155 MTPA by FY2028. ACC's standalone capacity is approximately 40 MTPA.

For fiscal year 2026 (ending March 31, 2026), ACC reported revenue from operations of Rs 25,962 crore, an 18% year-on-year increase. Operating EBITDA was Rs 2,950 crore, and profit after tax was Rs 1,304 crore. The company achieved its highest-ever annual sales volume of 43.9 million tonnes. ACC maintains a debt-free balance sheet with a net worth of Rs 20,554 crore and cash reserves of Rs 918 crore.

About Adani Group

What does Adani Group own?
Adani Group operates through multiple separately listed companies covering ports and logistics (APSEZ), airports (Adani Airport Holdings), thermal power (Adani Power), renewable energy (Adani Green Energy), gas distribution (Adani Total Gas), power transmission (Adani Energy Solutions), cement (Ambuja Cements and ACC), agribusiness (Adani Wilmar), and media (NDTV). The group's most recognized consumer brand is Fortune, the edible oil brand operated through Adani Wilmar.

Is Adani Group publicly traded?
Adani Group is not a single publicly traded entity. The group operates through multiple separately listed public companies on India's National Stock Exchange and Bombay Stock Exchange. Each entity is independently listed and can be purchased by investors.

Who founded Adani Group?
Adani Group was founded in 1988 by Gautam Adani in Ahmedabad, Gujarat, India. Gautam Adani began as a commodity trader before building the group into one of India's largest conglomerates through investments in ports, energy, and infrastructure.

Where is Adani Group headquartered?
Adani Group is headquartered in Ahmedabad, Gujarat, India. The group's flagship company, Adani Enterprises Limited, and most of its operating entities maintain their registered offices and principal operations in Ahmedabad.

Who owns Adani Group?
Adani Group is controlled by Gautam Adani and his family, who hold majority promoter stakes in each of the group's publicly listed entities. The Adani family typically holds between 55% and 75% of shares in each listed entity.

What is Adani Group's revenue?
Adani Group does not report consolidated revenue as a single entity. In FY2025, the portfolio reported record EBITDA of approximately INR 90,000 crore (USD 10.5 billion). In Q1 FY27, Adani Enterprises alone reported revenue of INR 32,924 crore, up 50% year over year, with record EBITDA of INR 5,642 crore.

What is the Hindenburg Research controversy?
In January 2023, Hindenburg Research published a report accusing Adani Group of stock manipulation, accounting fraud, and improper use of offshore entities. The report caused a decline of more than $100 billion in market capitalization. The group denied all allegations. The Indian Supreme Court ordered an investigation by SEBI, and in January 2024 dismissed petitions seeking a special investigation team probe.

What is the U.S. indictment against Gautam Adani?
In November 2024, the U.S. Department of Justice unsealed an indictment charging Gautam Adani, his nephew Sagar Adani, and others with conspiracy to pay approximately $265 million in bribes to Indian state government officials to secure solar energy supply contracts. The Adani Group denied the allegations, and legal proceedings were ongoing as of 2026.

What is the OFAC settlement?
In May 2026, Adani Enterprises settled with the U.S. Office of Foreign Assets Control for $275 million related to LPG trading activities. OFAC alleged that LPG cargoes purchased from a Dubai-based supplier, represented as originating from Oman or Iraq, were determined to be of Iranian origin. The settlement does not represent an admission of wrongdoing.

Founded: 1988
Headquarters: Ahmedabad, Gujarat, India
Company Type: Privately Held
Revenue: ~USD 10.5B EBITDA (FY2025)
Employees: ~50,000

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View full company profile for Adani Group

Where Is ACC Limited Made / Based?

Headquarters: Mumbai, Maharashtra, India
Manufacturing / Operations: India

ACC Limited Categories & Tags

Cement Construction Building Materials Manufacturing Indian Brand Cement Manufacturer

ACC Limited Sustainability & Ethics

ACC publishes an annual sustainability report and has implemented environmental management systems across its plants. The company has invested in waste heat recovery systems, alternative fuel utilization, and green power operations. Under the Adani Cement platform, ACC commissioned 57 MW of wind power in Q1 FY2026, taking the platform's renewable energy capacity to 473 MW.

The company has set targets to reduce its carbon intensity through increased use of blended cement, which uses fly ash and slag to reduce the clinker-to-cement ratio. ACC has also implemented water conservation and biodiversity management programs at its mining sites. The company follows the Adani Group's broader ESG framework, which includes commitments to renewable energy transition.

ACC's cement plants are subject to environmental regulations governing emissions, dust, and mining operations. The company has faced the inherent environmental challenges of the cement industry, including limestone mining impacts and carbon emissions from clinker production. No major environmental regulatory penalties specific to ACC have been reported in recent years.

Awards & Recognition

Good Corporate Citizen Award (2005-06): Received from the Bombay Chamber of Commerce and Industry.
National Energy Conservation Awards: Recognized by the Bureau of Energy Efficiency, Government of India, for energy efficiency in cement manufacturing.
CII Sustainability Awards: Recognized by the Confederation of Indian Industry for sustainability initiatives.
Great Place to Work Certification: ACC has been certified for workplace practices in India.
GreenCo Certification: Several ACC plants have received GreenCo certification from CII for environmental management.

ACC Limited Recalls & Controversies

Competition Commission of India (CCI) Investigation: ACC, along with other major Indian cement producers, was investigated by the CCI in 2012 for alleged collusive pricing. The company was penalized as part of the broader industry investigation. The matter went through appeals, and the cement industry contested the findings.

Holcim Group Ownership Transition: The 2022 acquisition of ACC by Adani Group from Holcim was scrutinized by regulators and market observers. The transaction was one of the largest M&A deals in Indian corporate history. Some analysts raised concerns about the valuation and the speed of the transition. The acquisition was completed without major regulatory obstacles.

Environmental and Mining Concerns: ACC's limestone mining operations have faced local opposition at several sites, a common issue across the Indian cement industry. The company has stated it complies with statutory environmental clearance processes and implements mine reclamation plans. Specific incidents have been limited and addressed through regulatory processes.

Adani Group Controversies: As a subsidiary within the Adani Group, ACC is indirectly affected by controversies surrounding the group. In January 2023, Hindenburg Research published a report alleging stock manipulation and accounting fraud at Adani Group companies. The report caused significant volatility in Adani Group stock prices. While ACC was not specifically named in the allegations, the broader scrutiny affected investor perception of Adani Group companies. The group has denied the allegations.

ACC Limited Ownership: Pros & Cons

Advantages

+Adani Group's financial backing enables aggressive capacity expansion, with the combined Adani Cement platform targeting 155 MTPA by FY2028
+Integration with Ambuja Cements and other Adani cement assets creates opportunities for logistics synergies, shared infrastructure, and cost optimization
+ACC's 90-year brand heritage provides strong consumer recognition and trust in the Indian construction market
+Debt-free balance sheet with Rs 918 crore in cash reserves provides financial flexibility for growth investments

Considerations

-Adani Group's controlling ownership means ACC's strategic direction is set by the group, with limited influence from minority shareholders
-The Adani Group has faced public scrutiny following the January 2023 Hindenburg Research report, which alleged stock manipulation and accounting fraud at group companies, indirectly affecting investor perception
-Rapid capacity expansion across the Adani Cement platform may lead to temporary utilization challenges as new plants are commissioned and stabilized
-The cement industry is cyclical, with exposure to infrastructure spending cycles, fuel cost volatility, and pricing pressure from competitors

Frequently Asked Questions About ACC Limited

Sources & Further Reading

Competitors to ACC Limited

These competing brands operate in the same categories and provide similar products or services. Compare key attributes to understand market positioning and competitive landscape.

Brand	Parent Company	Country	Founded	Market Position	Primary Market	Gender Target
Dalmia Cement	Dalmia Bharat Group	India	1939	Mass market	Regional	All Genders
Ramco Cements	Ramco Cements	India	1961	Mass market	Regional	All Genders
Shree Cement	Shree Cement	India	1979	Mass market	Regional	All Genders
UltraTech Cement	Aditya Birla Group	India	1983	Mass market	Asia pacific	All Genders
Ambuja CementSister Brand	Adani Group	India	1983	Mass market	Asia pacific	All Genders
BlueScope Steel Products	Bluescope Steel	Australia	2002	Mass market	Asia pacific	Unisex