Ambuja Cement, a part of Adani Group, acquired cement maker Sanghi Industries for £500 million.
Soon after the acquisition, Adani group chairman Gautam Adani said Ambuja Cement's promise to double its cement capacity by 2028 is on track.
Ambuja Cement said the acquisition will be fully funded through internal accruals. Sanghi Industries Limited (SIL) has a clinker capacity of 6.6 million tonnes per annum, cement capacity of 6.1 million tonnes per annum and limestone reserves of 1 billion tonne. SIL's Sanghipuram unit is India's largest single-location cement and clinker unit by capacity, with a captive jetty and captive power plant.
Qatar fund buys 2.7% stake in Adani Green
Meanwhile, Qatar’s sovereign wealth fund has invested £392 million for a 2.7% stake in Gautam Adani’s renewable energy unit as the oil-rich Gulf investor increases its bet on the fast-growing Indian market. This is the Qatari fund’s second investment in Adani’s energy utility venture. In 2020, Qatar Investment Authority (QIA) infused £320 million for a 25.1% stake in Adani Electricity, which supplies power to large parts of Mumbai.
QIA’s move comes after its reported interest in acquiring a stake in Mukesh Ambani’s retail business. The Qatari fund has exposure to Ambani’s Reliance Industries. Through Bodhi Tree Systems, the fund holds a stake in RIL’s media and entertainment business.