Adani's Ambuja Cements to Buy Majority Stake in Sanghi Cement for Rs 6,000 Cr
India's Ambuja Cements has made a deal to acquire a major part of Sanghi Industries' operations, according to insiders.
India's Ambuja Cements has made a deal to acquire a major part of Sanghi Industries' operations, according to insiders. This move will strengthen the cement business of Gautam Adani's company. The deal is expected to be announced soon, possibly on Wednesday. However, the exact stake percentage has not been disclosed.
The deal was based on Sanghi's enterprise value, which is estimated at 60 billion rupees ($729 million). Adani was reportedly one of the leading contenders in the race to acquire Sanghi.
Adani Group, the second-largest cement producer in India, owns Ambuja and its subsidiary ACC Ltd. Together, they have the capacity to produce over 65 million tonnes of cement, operating several manufacturing plants across the country.
Sanghi, based in Gujarat, is a prominent cement manufacturer with an annual production capacity of 6.1 million metric tonnes.
A spokesperson for the Adani Group emphasized their focus on cement and plans to explore various greenfield opportunities.
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