Saturday, May 18, 2024
spot_img
HomeBusinessAdani family infuses ₹8,339 crore in Ambuja Cements, raises stake to 70.3%

Adani family infuses ₹8,339 crore in Ambuja Cements, raises stake to 70.3%


Billionaire Gautam Adani and his family have infused an additional 8,339 cr in Ambuja Cements, the company said in a statement, raising their stake in the major cement-producing firm to 70.3 per cent. The latest investment follows the infusion of 5,000 crore on October 18, 2022, and 6,661 crore on March 28, 2024, which was for part issuance of the shares.

Adani Group Chairperson Gautam Adani.(PTI)

With this, the Adani family has fully subscribed to the warrants program in the company by infusing a total amount of 20,000 crore.

HT launches Crick-it, a one stop destination to catch Cricket, anytime, anywhere. Explore now!

“We are thrilled to announce completion of Adani family’s primary infusion of INR 20,000 Cr in Ambuja,” said Ajay Kapur, Whole Time Director and CEO, Ambuja Cements Ltd.

“This infusion of funds provides Ambuja, capital flexibility for fast-tracked growth, capital management initiatives and best-in-class balance sheet strength,” he added.

Read: World’s largest renewable energy park- 5 times bigger than Paris- now in India. There’s a Gautam Adani connection

Adani bought a controlling stake in Ambuja Cements Ltd. and ACC Ltd for $10.5 billion in 2022 in a deal financed by loans from global banks. The loans were refinanced last year by Barclays Bank Plc, Deutsche Bank AG and Standard Chartered Plc after the company recovered from a scathing attack from US-based short-seller Hindenburg Research.

Cement is an increasingly crucial resource as Prime Minister Narendra Modi pushes to modernise India’s infrastructure, while demand for real estate in the world’s most populous country grows.

The announcement comes amid Adani group’s stated target to capture around one-fifth of the Indian cement market by FY28. Adani Cement is the second leading company in the sector after the Aditya Birla group firm UltraTech Cements.’

Over the Indian cement industry, Adani Group said it is also expected to grow at a CAGR of 7 to 8 per cent, it said.

“Growth will further compound given the opportunities in the Building Materials Industry,” it said.



Source link

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
Google search engine

Most Popular

Recent Comments