Ambuja 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% 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.
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