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Gautam Adani, Asia’s richest man, has struck a deal with Swiss cement giant Holcim to acquire its Indian business for $10.5 billion in cash, its largest acquisition to date.

The Adani Group, a coal-to-port conglomerate, will acquire Holcim’s 63.2 percent controlling stake in Ambuja Cement and its 54.5 percent stake in ACC. Holcim said the offer valued Ambuja Cement at 385 rupees per share and ACC at 2,300 rupees.

If the deal is approved by regulators, it will move the Adani Group from virtually no existence to the second largest player in the world’s second largest cement market. The Adani Group will also be responsible for Ambuja and ACC’s 10,700 employees.

Adani, the group’s president, said the acquisition would lead to a significant expansion of capacity, and that the group’s renewable energy footprint would give it “a strong start on its decarbonization journey which is a must for cement production”.

Adani Green Energy, one of the entities included in the group, is among the largest renewable energy companies in India by market capitalization.

Adani’s bid outperformed a $7 billion stock offer made by JSW Group.

The deal comes as the Government of India looks to boost infrastructure investment to help maintain the country’s position as the world’s fastest growing large economy.

“Our move into cement is yet another confirmation of our belief in our nation’s growth story,” Al-Adani said.

Read more about the deal here.