Ambuja Cements has received approval for the acquisition of 100% stake in Penna Cement Industries (PCIL) by way of entering into binding agreement. The acquisition is in line with the company’s strategy to increase its footprint in the cement manufacturing market. Cost of acquisitions is Rs 10,422 crore. The said acquisition is expected to be completed within 3-4 months. The Board of Directors of the company at its meeting held on June 13, 2024 has approved the same.
Ambuja Cements is engaged in manufacturing and marketing of cement and clinker for both domestic and export markets. It is a material company of Adani Cement and part of the diversified Adani Group.
