Ambuja Cements, Ravi Sanghi to sell 3.52% stake in Sanghi Industries
The promoters proposed to sell 90,92,000 shares representing 3.52% of the total issued and paid-up equity share capital.
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The promoters proposed to sell 90,92,000 shares representing 3.52% of the total issued and paid-up equity share capital.
This will increase the overall capacity of JK Cement from the present 22 MTPA to 24 MTPA.
This is in addition to 1 billion tonnes of reserve of Sanghi Industries, a Saurashtra-based company which billionaire Gautam Adani-owned firm acquired last November at an enterprise value of Rs 5,185 crore.
With Adani's backing, lenders expect Penna to look to reduce cost and refinance or repay ₹6,600 crore term loans and ₹400 crore of high-cost debt from Edelweiss it took a few months ago.
ICRA estimates that the market share of the top five cement companies witnessed a steep rise to 54% as of December 2023 from 45% as of March 2015, and expects it to further increase to 55% by March 2025, resulting in consolidation in the cement industry.
Ambuja Cements will acquire 100% shares of Penna Cement Industries from its existing promoter group, P. Pratap Reddy and family. The acquisition will be fully funded through internal accruals.
The group is aggressively pursuing an inorganic strategy to boost capacity and emerge as the largest cement manufacturer within the next three to four years, overtaking the Aditya Birla Group’s UltraTech.
The company, which had announced acquisition of the cement almost 18 month back, however, it still remains incomplete, because of the ongoing discussion between JAL's lenders and an arbitration with UltraTech.
HeidelbergCement India's net total income stood at Rs 610.35 crore in Q4 FY24, a dip of 0.84 per cent from Rs 615.51 crore it recorded in the similar quarter last year.
This would be done by UltraTech Cement Middle East Investments Ltd (UCMEIL), a wholly-owned subsidiary of the Indian cement maker in the UAE.
GCCA India in collaboration with the Energy and Resources Institute (TERI), is in the process of developing the net zero CO2 roadmap for the Indian cement industry and its value chain.