NEW DELHI: Billionaire Gautam Adanai-led Adani family on Thursday announces it has infused Rs 6,661 crore in the group’s cement company Ambuja Cements.
This follows the infusion of Rs 5,000 crore by the promoter into the company for exercising the warrants issuance approved by the board of the company in October 2022. With this, Adani family have increased their stake in the company by 3.6% to attain 66.7% holding.
According to Adani family, the funds infusion will be instrumental enhancing conclusively to accomplish the capacity of 140 million tonnes per annum by 2028 by the cement vertical.
Ajay Kapur, Whole Time Director and CEO, Ambuja Cements, said that this infusion of funds provides Ambuja capital flexibility for fast-tracked growth, capital management initiatives and best-in-class balance sheet strength.
Adani had acquired Ambuja Cements and its subsidiary ACC from Switzerland’s Holcim Group for $6.4 billion in September 2022. This acquisition had made the port-to-power conglomerate country’s second largest cement producer. Ambuja, with its subsidiaries ACC Ltd, has the capacity to produce 77.4 MT of cements annually from 18 cement manufacturing plants and 18 cement grinding units across the country.