Calix Ltd (ASX:CXL) Partners With Adani’s Ambuja Cements in India

Key Highlights

• Calix subsidiary Leilac signs Joint Development Agreement with Ambuja Cements, part of the Adani Group

• Project targets deployment of carbon capture technology at the 6.6Mtpa Sanghi cement plant in Gujarat

• Potential expansion could capture more than 1 million tonnes of CO₂ annually

• Calix contributes no capital to development, construction, or operations under the agreement

• Ambuja and ACC control around 30% of India’s cement market and rank among the world’s largest cement producers

The race to decarbonise heavy industry is increasingly moving from theory to real-world deployment.

For Calix Ltd (ASX:CXL), that shift took a significant step forward this week after its subsidiary, Leilac Limited, signed a Joint Development Agreement with Ambuja Cements, one of India’s largest cement producers and part of the Adani Group.

The agreement will evaluate the deployment of Leilac’s carbon capture and hybrid calcination technology at Ambuja’s Sanghi cement plant in Gujarat, a facility capable of producing 6.6 million tonnes of clinker annually.

While the deal begins with an engineering and feasibility phase, its long-term implications extend far beyond a single plant.

If successful, the project could expand to capture more than one million tonnes of carbon dioxide per year, positioning it among the larger industrial carbon capture initiatives in the global cement sector.

Shares in Calix rose 8.22% to $0.395 in morning trade on Tuesday, lifting the company’s market capitalisation to approximately $85 million.

Source: MarketIndex 

Solving one of industry’s toughest emissions problems

Unlike many industries where emissions can be reduced simply by switching energy sources, cement manufacturing faces a more complex challenge.

A significant portion of cement emissions comes directly from the chemical process of heating limestone. Even if a plant runs entirely on renewable energy, those process emissions remain.

That is why carbon capture technologies are increasingly viewed as essential for achieving net-zero targets across the sector.

India sits at the centre of that challenge. The country is experiencing rapid urbanisation, expanding infrastructure networks and growing demand for housing, all of which require large volumes of cement.

Ambuja Cements and ACC, both part of the Adani Group, collectively operate approximately 109 million tonnes of annual cement production capacity, making the group the ninth-largest cement producer globally and a dominant force in India’s construction materials market.

A capital-light pathway to scale

What stands out in this agreement is its structure.

Unlike many clean technology companies that must invest heavily to commercialise their innovations, Calix and Leilac are not required to contribute capital to the development, construction or operational phases of the project.

Instead, Ambuja will fund future deployment costs should the project advance beyond the engineering study stage.

That approach allows Calix to pursue large-scale industrial opportunities while preserving its balance sheet.

For a company of Calix’s size, gaining access to one of the world’s largest cement producers without significant capital exposure represents an important validation of its licensing and technology partnership model.

Why India matters

The opportunity extends beyond the Sanghi facility.

If the technology proves commercially viable, the project could serve as a blueprint for wider deployment across Adani’s broader cement network.

In practical terms, success at one plant could create a pathway into a production system representing nearly 30% of India’s cement market.

That potential scale helps explain why the agreement attracted attention despite remaining at the engineering-study stage.

The Joint Development Agreement has an initial 24-month term, with a targeted go-or-no-go investment decision expected during 2027 and a final backstop date of June 2028.

Management sees a long-term opportunity

Ambuja Cements Director Karan Adani said the partnership aligns with the group’s broader sustainability ambitions.

“The cement industry’s transition to a lower-carbon future will require bold thinking, technological innovation and collaboration across the value chain. Our partnership with Leilac reflects our commitment to evaluating next-generation technologies that can reduce process emissions while improving energy efficiency and supporting long-term sustainable growth. This initiative aligns with our vision of building world-class manufacturing operations for the future.”

Leilac CEO Daniel Rennie described the partnership as a significant commercial opportunity.

“Ambuja Cements operates one of the world’s largest and most advanced cement manufacturing networks. We’re delighted to begin this collaboration to deliver a commercial-scale project for low-cost, low-carbon cement production. Together, we aim to demonstrate an economic, replicable and future-proof solution for the global cement industry.”

What investors should watch next

While the announcement marks a significant endorsement of Leilac’s technology, it remains an early-stage commercial arrangement rather than a binding deployment contract.

The next major milestone will be the completion of engineering studies and commercial assessments that determine whether the project progresses into full-scale implementation.

Still, for Calix, the agreement offers something increasingly valuable in the clean technology sector: access to a global industry heavyweight, exposure to one of the world’s fastest-growing construction markets, and a potential pathway to scale without substantial capital commitments.

In an industry searching for practical decarbonisation solutions, that combination could prove just as important as the technology itself.

Source: Calix Ltd ASX announcement dated 23 June 2026, Leilac Limited, Ambuja Cements, company presentations and management commentary.