look news india
New Delhi, June 13 (HS). Adani Group company Ambuja Cements Limited on Thursday announced the acquisition of Penna Cement Industries Limited (PCIL) for Rs 10,422 crore.
Both the companies have signed an agreement for this acquisition. The acquisition of Penna Cement will increase the cement production capacity of Adani Group by 14 million tonnes per annum. With this, the total cement production capacity of the group will become 89 million tonnes per annum. Under this agreement, Ambuja Cements Limited will buy 100% shares of the company from the current promoter group of Penna Cement Industries Limited, P. Pratap Reddy and family.
This acquisition will increase the Adani Group's all-India share in the cement market by 2% and 8% in South India. Along with this, the Adani Group's maritime transport logistics will also be strengthened.
