India's Adani-backed Ambuja Cements to buy majority stake in Sanghi Industries for $604 mln

Sanghi Industries

03/08/2023 04:28

BENGALURU, Aug 3 (Reuters) - India's Ambuja Cements
 ABUJ.NS  said on Thursday it will buy a 56.74% stake in smaller
rival Sanghi Industries  SNGI.NS  for an enterprise value of 50
billion rupees ($604.4 million), closing the Adani Group's gap
on market leader UltraTech  ULTC.NS  at a time of booming demand
for building materials.



($1 = 82.7270 Indian rupees)

 (Reporting by Indranil Sarkar and Kashish Tandon in Bengaluru;
Editing by Sonia Cheema)
 ((Indranil.Sarkar@thomsonreuters.com; Mobile:  +91
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