Ambuja Cements Completes Acquisition Of Penna Cement To Expand Southern Footprint
The acquisition, valued at Rs 10,422 crore and approved by Ambuja's board on June 13, is expected to significantly bolster the company’s footprint in southern India.
Ambuja Cements Ltd. said on Friday that it has completed the acquisition of Hyderabad-based Penna Cement Industries Ltd., making it a wholly-owned subsidiary effective Aug. 16.
The acquisition, valued at Rs 10,422 crore and approved by Ambuja's board on June 13, is expected to significantly bolster the company’s footprint in southern India, according to an exchange filing on Friday. It will also lead to an additional capacity of 14 million tonnes per annum and mark another step in Adani Cement's aim of a 140 MTPA capacity by 2028.
On June 13, Ambuja Cements announced its plans to acquire Penna Cement, aiming to strengthen its presence in southern India. Penna Cement currently has a cement capacity of 14 million tonne per annum, with 10 MTPA already operational.
Shares of Ambuja Cements were trading 1.33% higher at Rs 630 apiece, compared to a 1.22% advance in the benchmark BSE Sensex as of 1:30 p.m.
Disclaimer: NDTV is a subsidiary of AMG Media Networks Ltd., an Adani Group Company.
