India’s Ambuja Cements 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 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 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.
Reuters
