Construction company Ambuja Cements, on Wednesday, said it achieved a significant milestone in its growth trajectory under the Adani portfolio with an additional investment of ₹8,339 crore ($998.3 million) in the warrants program.
The construction firm said the company’s promoter raised its overall investment to ₹20,000 crore, which resulted in a 3.6% increase in Adani’s stake to reach 70.3% ownership in Ambuja Cements.
Ambuja Cements said, with this financial boost, it aims to nearly double its current capacity to 140 million tonnes per annum (MTPA) by 2028. The investment would also support strategic initiatives such as capital expenditure optimization, operational improvements, and technological advances to meet the Indian economy’s expanding demands.
Advisors for the transaction included Barclays Bank, MUFG Bank, Mizuho Bank, and Standard Chartered Bank, said the cement supplier.
“This infusion of funds provides Ambuja, capital flexibility for fast-tracked growth, capital management initiatives, and best-in-class balance sheet strength,” said Ajay Kapur, Chief Executive of Ambuja Cements.
Recently, Ambuja Cements has signed an agreement to acquire My Home Group’s 1.5 MTPA Cement Grinding Unit in Tuticorin, Tamil Nadu. The acquisition, valued at ₹413.75 crore through internal boost, would expand the coastline footprint in southern Tamil Nadu and Kerala.
Commercial ports operator Adani Ports and Special Economic Zone (APSEZ) acquired a 95% stake in Gopalpur Port (GPL), in late March, for an equity value of ₹3,080 crore.
Ambuja Cements was founded in 1993 and is headquartered in Mumbai, Maharashtra. It is a cement company and a member of the Adani Group.
At the point of conversion, $1=₹83.53
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