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News Ambuja Cements to acquire Sanghi Industries stake and expand Sanghipuram plant

Ambuja Cements to acquire Sanghi Industries stake and expand Sanghipuram plant

Written by Global Cement staff 03 August 2023
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India: Ambuja Cements has concluded a deal to acquire a 57% stake in Sanghi Industries for US$202m. Reuters has reported that the company has offered to subsequently increase its stake in Sanghi Industries to as much as 83% for up to US$295m in total. It will fund the acquisition of any stake through internal accruals. Sanghi Industries operates the 6.1Mt/yr Sanghipuram cement plant, which is equipped with a 130MW captive power plant and a 13MW waste heat recovery (WHR) plant. The cement plant, in Gujarat, also has a single-jetty port on the Arabian Sea coast. Ambuja Cements' parent company Adani Group plans to more than double the Sanghipuram cement plant's capacity to 15Mt/yr.

Adani Group chair Gautam Adani said “By joining hands with Sanghi Industries, Ambuja is poised to expand its market presence, strengthen its product portfolio and reinforce its position as a leader in the construction materials sector. With this acquisition, Adani Group is well on course to achieve its target of 140Mt/yr of cement manufacturing capacity by 2028 ahead of time.”

Last modified on 09 August 2023
Published in Global Cement News
Tagged under
  • India
  • Sanghi Industries
  • Ambuja Cements
  • Acquisition
  • Plant
  • Expansion
  • growth
  • Strategy
  • Gujarat
  • Adani Group
  • Adani Cement
  • Port
  • Waste Heat Recovery
  • Power Plant
  • Capacity
  • GCW620
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