Business Blog: Adani-backed Ambuja Cements buys stake in Sanghi Industries for $604 million

Wednesday, August 2, 2023

Adani-backed Ambuja Cements buys stake in Sanghi Industries for $604 million

India's Ambuja Cements has acquired a 56.74% stake in smaller rival Sanghi Industries for INR50bn ($604.4m), in its first major acquisition this year. Ambuja will pay INR16.74bn for the stake and launch an open offer for a further stake at INR114.22 per share. This follows the Adani Group's $10bn acquisition of Holcim AG's cement businesses in India last year.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/GvPplOS
via IFTTT
at
Labels: , , , ,

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)

India extends coal import mandate for power to avoid blackouts

India extended a mandate to power plants to import coal until March as the driest August in more than a century pushed electricity demand to...