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06/09/20264 min read
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Adani Group arm Ambuja Cements buys Penna Cement at valuation of ₹10,422 crore
Merger & AcquisitionValuation
Ambuja Cements, a subsidiary of the Adani Group, announced on Thursday the acquisition of Penna Cement Industries Ltd (PCIL) for ₹10,422 crore. This strategic acquisition, formalized through a binding agreement, will add 14 MTPA (million tonnes per annum) to the Adani group's existing capacity, raising it to 89 MTPA.
Ambuja will acquire 100% of PCIL's shares from its current promoters, P Pratap Reddy and family. PCIL operates with a current capacity of 14 MTPA across Andhra Pradesh, Telangana, and Rajasthan, with an additional 3 MTPA in cement grinding capacity from surplus clinker at its Jodhpur plant.
PCIL's five bulk cement terminals located strategically at Kolkata, Gopalpur, Karaikal, Kochi, and Colombo will strengthen Adani group's sea transportation logistics, significantly boosting its cement market share by 2% nationwide and by 8% in southern India.
