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Ambuja Cement on Thursday announced the acquisition of a majority stake in Sanghi Industries, one of the leading cement manufacturers from western India, at an enterprise value of Rs 5,000 crore.
The acquisition will be fully funded through internal accruals, said a statement from Ambuja Cements. Besides, it would make an offer to acquire another 26% or 6.71 crore equity shares from SIL's public shareholders
Adani is India's second largest cement producer, behind UltraTech Cement. It owns Ambuja and its subsidiary ACC Ltd, which have a capacity to produce more than 65 million tonnes with more than a dozen manufacturing plants across India. Sanghi is one of the leading cement manufacturers from Gujarat state in western India. It has a production capacity of 6.1 million metric tonnes per annum, its website says.
India's Ambuja Cements has reached a deal to acquire a majority stake in operations of Sanghi Industries, two sources with direct knowledge said, a transaction ......
Acc: At Ambuja Cements, nearly 54% of votes from public institutions did not favour adoption of the financial results, while 46% were in favour. Not all public institutions voted in the resolutions.