Adani-owned Ambuja Cements to acquire majority stake in India's Sanghi

Adani-owned Ambuja Cements to acquire majority stake in India's Sanghi

FILE PHOTO: The logo of the Adani Group is seen on the facade of one of its buildings on the outskirts of Ahmedabad, India, April 13, 2021. REUTERS/Amit Dave

India’s Ambuja Cements has reached a deal to acquire a majority stake in operations of Sanghi Industries, two sources with direct knowledge said, a transaction that will add heft to cement operations of billionaire Gautam Adani’s firm.