Ambuja Cements has completed the acquisition of Penna Cement Industries (PCIL) on August 16, 2024. Consequently, PCIL has become a subsidiary of the Company effective from August 16, 2024.
Earlier, the company had received approval for the acquisition of 100% stake in 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 acquisition is Rs 10,422 crore.
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.
