According to a report by Reuters, Adani-owned Ambuja Cements is all set to acquire a majority stake in Sanghi Industries. The deal is likely to be announced on Wednesday, August 2, 2023.
The deal would be valued at around $729 million. Sanghi Industries is a Gujarat-based cement company with a production capacity of 6.1 million metric tonnes per annum. The acquisition would help Ambuja Cements to expand its presence in the Gujarat market.
Ambuja Cements is already the second largest cement producer in India, with a production capacity of 36 million metric tonnes per annum. The acquisition of Sanghi Industries would further strengthen its position in the market.
The deal is still subject to regulatory approvals. However, if it goes through, it would be the latest in a series of acquisitions by the Adani Group in the cement sector. In 2020, the group acquired Holcim's India operations, which included Ambuja Cements and ACC.
The Adani Group is one of the largest conglomerates in India. It has interests in a wide range of industries, including energy, infrastructure, and logistics. The group is also expanding its presence in the cement sector. The acquisition of Sanghi Industries would be a major step in this expansion.
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