Adani-backed Ambuja boosts cement heft with $295m acquisition of Sanghi Industries

Adani-backed Ambuja boosts cement heft with $295m acquisition of Sanghi Industries

Photo: Bloomberg

India’s Ambuja Cements said on Thursday it will buy a near 83% stake in smaller rival Sanghi Industries for up to $295 million, closing the Adani Group’s gap on market leader UltraTech at a time of booming demand.