Team Blitz India
Mumbai: The Adani Group, promoter of Ambuja Cements, has infused Rs 6,661 crore in the company, increasing its stake by 3.6 per cent to attain 66.7 per cent holding in the country’s second largest cement firm. It also owns controlling stake in another cement firm ACC Ltd.
The fund infusion will help enhance the capacity of Ambuja Cements to 140 million tonne per annum by 2028. This investment follows an infusion of Rs 5,000 crore by the promoter into the company for exercising the warrants issuance approved by the board in October 2022.
With this, promoters have infused Rs 11,661 crore in Ambuja postacquisition, giving Ambuja capital flexibility for accelerated growth, capital management initiatives and best-in-class balance sheet strength to accomplish its various strategic initiatives.
This investment shall be instrumental in debottlenecking capex to enhance operational capabilities. It will also ensure scalability as well as bring efficiencies across resources and supply chain.
Ambuja, with its subsidiary ACC Ltd, has the capacity to produce 77.4 million tonne of cement annually from 18 integrated cement manufacturing plants and 18 cement grinding units across the country. It had recently acquired Sanghi Industries Ltd.
In September 2022, the Adani Group had acquired controlling stakes of Ambuja Cement from Swiss firm Holcim for cash proceeds of USD 6.4 billion (about Rs 51,000 crore). Later it had also launched a Rs 31,000 crore open offer for the acquisition of 26 per cent additional stake from public shareholders.
