Gautam Adani and his family has infused £833.9 mn into Ambuja Cements, raising their stake in the company to 70.3% from 66.7%.
This marks the last tranche of the £2 bn investment the family had planned to infuse in Ambuja Cements after buying the company from Switzerland’s Holcim in 2022. Adanis had acquired about 63.2% of Ambuja Cements in 2022.
In March this year, they had infused £666.1 mn in the company and in Oct 2022, they had put in £500 mn. Ambuja Cements said that Harmonia Trade and Investment, a member of the promoter group, has converted £2.65 mn warrants into equity shares at the rate of Rs 416.9 apiece.
The capital infusion (and a cash flow of £500 mn in FY24) will fortify Ambuja Cement’s financial position, helping it to pursue its growth plans as well as capitalise on emerging opportunities in the industry, the company said.
Ambuja Cements plans to accomplish a capacity of 140 million tonnes by 2028 from 78.9 million tonnes. Last week, it had announced the purchase of a 1.5 million-tonne cement grinding unit in Tamil Nadu from My Home Group for £41.4 mn.
