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Adani family invested in Ambuja Cements: Infuses ₹6,661 crore and stake in company

  • Posted on March 28, 2024
  • Business
  • By TSW NEWS DESK
  • 109 Views

Ambuja Cement is a cement and construction products company that has received a total investment of 6,661 crore from the Adani family, who are also the company's proprietors. 

Adani family invested in Ambuja Cements: Infuses ₹6,661 crore and stake in company

Adani family, increased their position in Ambuja Cement by 3.5 percent and the stock price gained 2%, making their total stake 67.5 percent. To enable them to execute the warrants that the board had approved in October 2022, the Adani family invested ₹5,000 crore in the business.

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According to Ambuja Cements, the investment is in line with the company's aggressive expansion ambitions and will help it strengthen its financial position. In a filing with the regulatory bodies, Ambuja Cements said, "The latest investment testsify the commitment by the Adani family to boost future prospects and potential of cement vertical."

The cement manufacturer stated in their release that "it will also drive innovation and product enhancement through advanced technology integration, aiming to better serve the growing needs of the sector."

With this funding infusion, Ajay Kapur, Whole Time Director and CEO of Ambuja Cements, guaranteed capital flexibility, best-in-class balance sheet strength, and expedited expansion.

Furthermore, the corporation has said that the capital infusion will be essential to reaching the 140 million tons per year capacity of the cement vertical by 2028. The company asserted that it needed the cash infusion to accomplish its strategic objectives, which included assuring scalability and enhancing operating capacities.

 

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