Adani-owned Ambuja Cements to merge with two units

Sanghi Industries

17/12/2024 14:13

Dec 17 (Reuters) - India's Ambuja Cements  ABUJ.NS  will
merge two of its recently purchased units into the company, it
said on Tuesday, in a bid to streamline the structure of the
Adani Group's cement businesses and simplify compliance
requirements.
    Ambuja acquired Penna Cement in a $1.25 billion deal in
June, while it had picked up a majority stake in operations of
Sanghi Industries  SNGI.NS  last year.
    The company said it would merge the publicly listed Sanghi
Industries by offering 12 Ambuja shares for every 100 Sanghi
shares held.
    Led by billionaire Gautam Adani, the group entered India's
cement industry in 2022 by buying Holcim's  HOLN.S  local units
— ACC and Ambuja. The group has made a string of acquisitions
since as it wrestles for market share with the country's top
producer UltraTech Cement  ULTC.NS .

 (Reporting by Nandan Mandayam in Bengaluru; Editing by Shilpi
Majumdar)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))