Adani’s Invested Rs.8,339 Cr. In Ambuja Cement
By: Geetanjali
Adani Family’s shareholding in Adani Group owned Ambuja Cement has increased from 66.7 percent to 70.3 percent after Adanis invested Rs. 8,339 Crores in India’s second largest cement manufacturer, on Wednesday, April 17, 2024.
Adani Family completes Ambuja warrant subscription, infuses Rs 20,000 Cr. to increase stake to 70.3%#ThisIsAdaniCement #BuildingNationsWithGoodness #GrowthWithGoodness #GreenGrowth #ESG pic.twitter.com/7etTMQwfv6
— Ambuja Cement Official (@AmbujaCementACL) April 18, 2024
After this, the total investment made by Adani Family has crossed Rs. 20,000 crore with a share holding of 70.3 percent after Adani Group acquired Ambuja Cement from Swiss based Holcim in 2022 and the rest is owned by other bodies.
Adanis acquired Ambuja Cement and ACC in September 2022 in a $6.5 Billion deal, with 63.2 percent ownership in 2022 with an investment of Rs.5000 crore, which is 25 percent of the total investment infused till date. Later, in March 2024, they infused around Rs. 6,661 crores as second batch investment, increasing their share percentage to 66.7 percent.
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Ajay Kapur, Director and CEO, Ambuja Cements said that the “ Rs. 20,000 crore investment by promoters will provide capital flexibility to accelerated growth, capital management and will help reach balance sheet strength”.
Adding to his statement he said,“It is not only testament to steadfast belief in our vision and business model but also reinforces our commitment to delivering long-term sustainable value creation to our stakeholders and this shall propel us towards setting new benchmarks accelerating our growth and continue to deliver on operational excellence, business synergies and cost leadership”.
The company in its latest statement said that they are planning to achieve a target capacity of 140 million tonnes per annum from current capacity of 78.9 million tonnes by 2028.
Earlier, Ambuja Cement was in news for acquiring My Home Group’s 1.5 MTPA (Million Tonne per Annum) cement grinding unit in Tuticorin, Tamil Nadu. Which has made Ambuja to be the second largest cement producing company after Ultratech in India.
