Adani infuses Rs 8,339 crore into Ambuja Cements, raises stake to 70.3%
Last month, it infused Rs 6,661 crore into the cement company raising their stake in the company by 3.6 to 66.7 per cent.
With Adani Group acquiring a controlling stake in Holcim AG’s in a $10.5-billion deal.
Adani is now to become India’s second-largest cement manufacturer, Gautam Adani said the group expects aggressive expansion and plans to double the existing 70 million tonnes per year capacity within the next five years.
He added that the existing teams will be able to bring in the expertise to achieve the group’s growth plans going forward.
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“Our move into the cement business is a validation of our belief in our nation’s growth story and our own capabilities. We had stated last year that this was a sector in which we would be investing and had already incorporated Adani Cement as a wholly-owned subsidiary. The drivers for this decision have been based on two primary factors. The demand-supply gap, and the synergies with our existing businesses,” Adani Group Chairman Gautam Adani has said in an interview with ET.
Holcim owns 63.19 percent in Ambuja Cements and 4.48 percent in ACC. Ambuja Cements, in turn, owns 50.05 percent of ACC. Adani plans to double Ambuja-ACC’s cement capacity to 140 million tonnes over 5 years.
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