DECEMBER 20239TOP STORIESCEMENT MAKER AMBUJA CONCLUDES SANGHI INDUSTRIES ACQUISITIONAmbuja Cements, which is owned by the Adani Group, has completed the acquisition of Sanghi Industries for a total enterprise value of 5,185 crore, increasing the port-to-data-center conglomerate's total cement production capacity to nearly 75 million tonnes per annum (MTPA).In a block deal on the NSE on Dec 5, Ambuja Cements purchased approximately 133 million shares of Sanghi Industries worth Rs. 1,627 crore. The shares were purchased for $121.9 each. Sanghi Industries promoters Alok Sanghi, Aditya Sanghi, Sanghi Polymers, and Samruddhi Investors Services were among the sellers. Ambuja Cements also acquired approximately 7.3 million shares of Sanghi Industries in off-market transactions, bringing its total stake in the target company to nearly 141 million shares, representing a 54.51 percent stake.According to a statement from Adani Cements, a subsidiary of the Adani Group, the transaction was funded through internal accruals. Following the acquisition, the Adani Group now includes three publicly traded cement companies, including ACC Ltd.Adani Cements is India's second largest cement manufacturer, trailing only UltraTech Cement, which has nearly doubled its cement manufacturing capacity to nearly 138 MTPA. The deal gave the Adani Group clinker capacity of 6.6 MTPA, cement capacity of 6.1 MTPA, and limestone reserves of 1 billion tonnes. The 2,700-hectare Sanghipuram unit of Sanghi Cements is India's largest single-location cement and clinker production facility. It consists of two kilns, a dedicated 13 MW captive power plant, and a waste heat recovery system of 13 MW. The facility is linked to a captive jetty, which aids in seamless logistics. TDK CORPORATION LOOKING TO MANUFACTURE LI-ION BATTERIES IN INDIAJapanese electronics maker TDK Corp will manufacture lithium-ion battery cells for Apple iPhone in India, Ministry of Electronics and Information Technology (MeitY) Secretary Rajeev Chandrasekhar has confirmed. TDK, a key supplier of cells to Apple, will set up a 180-acre facility in Manesar, Haryana, to manufacture cells for batteries used in #MadeInIndia iPhones," the minister said in the Post.Around 1,000 new jobs will be created, helping to increase the value added of the village, the minister confirmed and hailed it as a major achievement of Prime Minister Narendra Modi and the Prime Minister's Linked Infrastructure (PLI) program to transform the mobile manufacturing ecosystem. in India. Minister Chandrasekhar thanks the Government of India, Apple, TDK Group and the Haryana Government for intensifying their efforts to strengthen the energy ecosystem.This comes days after Taiwan-based Foxconn announced a $1.6 billion investment in India. The investment, to be made through Foxconn subsidiary Hon Hai Technology India Mega Development, is for "operational needs," the company said in a legal filing. The iPhone maker plans to double its operations, foreign direct investment (FDI) and turnover in India by 2024, the company's India head, V Lee, said.Earlier this year, Hon Hai Technology Group chairman Young Liu said that since Foxconn entered India in 2005, revenue, headcount and investment scale have increased. In the company's Q2 earnings report, Liu said Hon Hai will also be rolled out in Karnataka, Telangana and other states, in addition to its previous operations in Andhra Pradesh and Tamil Nadu.
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