(MENAFN- IANS) Ahmedabad, April 17 (IANS) The Adani Family on Wednesday said it has fully subscribed to the warrants programme in Ambuja Cements by further infusing Rs 8,339 crore, increasing its stake in the building material company to 70.3 per cent.
This follows the investment of Rs 5,000 crore on October 18, 2022, and Rs 6,661 crore on March 28 this year by the promoter of the company, thereby infusing a total amount of Rs 20,000 crore in Ambuja Cements post-acquisition.
The funds' infusion will be instrumental to accomplish the capacity of 140 million tonnes per annum (MTPA) by 2028 by the cement vertical, the company said in a statement.
"This infusion of funds provides Ambuja capital flexibility for fast-tracked growth, capital management initiatives and best-in-class balance sheet strength,” said Ajay Kapur, Whole Time Director and CEO, Ambuja Cements Ltd.
“It is not only testament to a steadfast belief in our vision and business model but also reinforces our commitment to delivering long-term sustainable value creation to our stakeholders and this shall propel us towards setting new benchmarks accelerating our growth and continuing to deliver on operational excellence, business synergies, and cost leadership," Kapur added.
The additional investment will fortify the company's financial position, providing it with enhanced capabilities to pursue its ambitious growth plans and capitalise on emerging opportunities in the market.
Further, it will also enable various strategic initiatives including debottlenecking capex to enhance operational performance, as well as bringing efficiencies across resources and supply chain, said the company.
Earlier this week, Ambuja Cements announced the acquisition of My Home Group's 1.5 MTPA cement grinding unit in Tuticorin, Tamil Nadu, for Rs 413.75 crore.
The acquisition takes Adani Group's total cement capacity to 78.9 MTPA.
Ambuja, with its subsidiaries ACC Ltd and Sanghi Industries Ltd, has taken the Adani Group's cement capacity to 78.9 MTPA with 18 integrated cement manufacturing plants and 19 cement grinding units across the country.
MENAFN17042024000231011071ID1108105751
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.