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May 17, 2022
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No capital gains or any other tax for Adani deal: Holcim CEO Jan Jenisch
Switzerland’s building materials conglomerate Holcim Group will not incur capital gains tax or any other tax following the stake sale of its Indian assets – Ambuja Cements and ACC – for about $10.5 billion to Adani Group. This gains importance as Hong Kong-based Hutchison was marred in a controversy following a $11-billion deal with UK’s Vodafone Group in 2007.
“Our analysis comes to the conclusion that there is no capital gains or any other tax for this transaction. Never know if any complication would arise, but we assume we will get the 6.4 billion Swiss francs as net proceeds,” Holcim Chief Executive Officer Jan Jenisch said in an analysts’ call on Monday.
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