Adani Group’s Ambuja Cements bought Penna Cement for ₹10,422 crore, know what is the share price
Adani Group company Ambuja Cements on Thursday announced the acquisition of Penna Cement Industries Limited (PCIL) for an enterprise value of Rs 10,422 crore. The company said in the statement that both the companies have signed a firm agreement for this acquisition. Under this agreement, Ambuja Cements will buy 100 percent shares of the company from PCIL’s existing promoter group P Pratap Reddy and family. The acquisition of Hyderabad-based Penna Cement will increase Adani Group’s cement production capacity by 14 million tonnes per annum.
Total production capacity will be 8.9 crore tonnes
With this, the total cement production capacity of Adani Group will reach 89 million tonnes per year. Penna Cement has a production capacity of 14 million tonnes per annum in Andhra Pradesh, Telangana and Rajasthan (under construction). With this, surplus clinker at its Jodhpur plant will create additional cement grinding capacity of 3 million tonnes per annum. This acquisition will also strengthen Adani Group’s maritime transportation logistics. Under this, five bulk cement terminals will be opened in Kolkata, Gopalpur, Karaikal, Kochi and Colombo to serve peninsular India. According to the statement, this acquisition will increase Adani Group’s all-India share in the cement market by two percent and in South India by eight percent.
Ambuja Cement Share
Shares of Adani Group’s cement company Ambuja Cement closed at Rs 664.30, down 0.63 per cent or Rs 4.20. The 52 week high of this share is Rs 680.20. Whereas, 52 week low is Rs 404. The market cap of the company closed at Rs 1,63,625.29 crore today.
