The Adani family has invested Rs 6,661 crore in Ambuja Cements Ltd. to raise its stake in the company by 3.6%.
The capital infusion will bolster the Adani family’s stake to 66.7% and help Ambuja reach an annual cement production capacity of 140 million tonne by 2028, an exchange filing said.
The investment was done through Harmonia Trade and Investment Ltd., an entity owned by the Adani family and part of the promoter group of the cement maker.
KCP Group, one of the oldest industrial families in Chennai, is planning to expand its cement capacity by setting up a new greenfield project.
Indicating this in a free-wheeling interview with this correspondent, VL Indira Dutt, chairperson and managing director of KCP Ltd., and also the president of the Andhra Chamber of Commerce, said the proposed third plant would come up in Andhra Pradesh.
It has manufacturing plants in in Andhra Pradesh with captive supply of high-grade limestone.
India will witness the highest growth in the number of ultra high net worth individuals in the world by 2028, according to a Knight Frank LLP report. UHNWIs someone with a net worth of $30 million or more will rise from 13,263 in 2023 to 19,908 in 2028, a 50.1% jump. Globally, the growth will be 28.1% during the five-year period, while Asia will see a rise of 38.3%.
The Supreme Court restrained Patanjali Ayurved Ltd. on Tuesday from advertising medicinal products manufactured and marketed by it that aim to address diseases or ailments specified in the Drugs and Magic Remedies (Objectionable Advertisements) Act.
This act prohibits misleading advertisement for drugs and also advertisement of magic remedies for treatment of certain diseases and disorders like obesity, asthama, diabetes and cancer.
India’s benchmark stock indices ended higher for the sixth consecutive session on Tuesday, with the NSE Nifty 50 closing at an all-time high. The Nifty ended 74.70 points, or 0.34%, higher at 22,196.95, while the S&P BSE Sensex closed 349.24 points, or 0.48%, higher at 73,057.40.