Ambuja Cements, part of the Adani Group, has purchased 100% equity in Hyderabad-based Penna Cement from its promoters for Rs 10,422 crore. This acquisition aims to bolster Adani’s footprint in the competitive Indian cement market, currently dominated by Ultratech. Ambuja, which is debt-free with significant cash reserves, plans to finance the acquisition internally. Penna Cement, with a capacity of 10 mtpa and plans to expand, adds to Ambuja’s strategy to increase its current 79 mtpa capacity to 140 mtpa, targeting a market share increase from 14% to over 20%.
Adani’s Ambuja Cements Acquires Penna Cement in Rs 10,422 Crore Deal
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