The deal is done Gautam Adani has bought this major cement company

The Gautam Adani has bought this major cement company, the deal is done to that extent.

With regard to this transaction, Ambuja Cement announced that it had acquired Sanghi Industries. This transaction was carried out for an enterprise value of 5,000 billion rupees. Ambuja Cements will acquire a 56.74% stake in Sanghi Industries from the existing developer group, Ravi Sanghi & Family.
Big news for the Adani Group on Thursday morning. Reinforcing its dominance in the cement sector, Gautam Adani has added a new company to its portfolio. The acquisition of Sanghi Cement was announced on behalf of his Ambuja Cement company.

What did Gautam Adani have to say about the deal?

Commenting on the agreement between Ambuja Cement and Sanghi Industries, Gautam Adani, Chairman of the Adani Group, said that the deal would enhance Ambuja Cement’s stature in the market. Under the agreement, Ambuja Cement will acquire 56.74% of the promoters’ shares in Sanghi Industries. This acquisition will enable us to double our cement production capacity by 2028. Sanghi Industries has limestone reserves of several billion tonnes, and Ambuja Cement will increase cement production capacity at Sanghipuram to 15 MTPA over the next two years.

Announcement before the stock market opens

Gautam Adani’s company announced the transaction even before the stock market opened on Thursday, the fourth trading day of the week. The announcement also stated that the acquisition would be financed entirely from internal sources. According to Business Today, Ambuja Cement’s transaction was carried out at an enterprise value of 5,000 billion rupees. Ambuja Cements will acquire a majority stake in Sanghi Industries from the existing developer group, Ravi Sanghi & Family.