Adani Group’s Ambuja Cement Takes Over Penna Cement Industries

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Adani Group’s Ambuja Cement Takes Over Penna Cement Industries

| Updated: June 13, 2024 19:50

Ambuja Cement, a leading cement and building material company of Adani Cement and a part of the diversified Adani Group, has announced a binding agreement for the acquisition of Penna Cement Industries Ltd (PCIL). The deal, valued at an enterprise value of Rs. 10,422 crore, will see Ambuja acquiring 100% shares of PCIL from its existing promoter group, P. Pratap Reddy and family. The acquisition will be fully funded through internal accruals.

CEO & Whole Time Director of Ambuja Cement, Ajay Kapur, hailed the acquisition as a significant step forward in Ambuja Cement’s accelerating growth journey. “By acquiring PCIL, Ambuja is poised to expand its market presence in south India and reinforce its position as a pan-India leader in the cement industry,” he said. He further added that PCIL’s strategic location and sufficient limestone reserves provide an opportunity to increase cement capacity through debottlenecking and additional investment.

PCIL has a cement capacity of 14 MTPA, of which 10 MTPA is operational. The remaining capacity is under construction at Krishnapatnam (2 MTPA) and Jodhpur (2 MTPA) and is expected to be completed within 6 to 12 months. Around 90% of the cement capacity comes with railway sidings, and some are supported by captive power plants and waste heat recovery systems. Surplus clinker at the Jodhpur plant will support an additional 3 MTPA cement grinding capacity over and above 14 MTPA.

The existing dealers of PCIL will transition to Adani Cement’s market network, bringing in formidable synergy.

Ambuja Cement Limited is one of India’s leading cement companies and a member of the diversified Adani Group. With its subsidiaries ACC Ltd. and Sanghi Industries Ltd, Ambuja 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. Ambuja has been recognised among ‘India’s Most Trusted Cement Brand’ by TRA Research in its Brand Trust Report, 2024 and among ‘Iconic Brands of India’ by The Economic Times. The company has many firsts to its credit and has provided hassle-free, home-building solutions with its unique sustainable development projects and environment-friendly practices since it started operations.

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