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Sanghi cement plans get proxy thumbs-up
Mint Mumbai
|February 07, 2024
InGovern said the deal would allow higher capacity utilization for Sanghi
<25% Installed capacity utilization by Sanghi Industries
Cement maker Sanghi Industries Ltd has received support from proxy advisory firm InGovern for its proposals to purchase bulk coal from Adani Enterprises Ltd as well as sell cement it produces in bulk to Ambuja Cements Ltd and its subsidiary ACC Ltd.
Ambuja Cements had acquired a majority stake in Sanghi Industries last year. The Adani Group in 2022 acquired Ambuja Cements and ACC.
InGovern observed that although the price decided for the sale of cement and clinker was below market benchmarks, the transaction would ensure higher capacity utilisation at Sanghi Industries, helping it return to profitability.
"Given that the capacity of Sanghi is grossly underutilized, receiving of advance payment for confirmed bulk purchase from (Ambuja) and ACC will translate into profits for the company," InGovern said in a report.
Other major domestic proxy advisory firms do not cover Sanghi Industries.
This story is from the February 07, 2024 edition of Mint Mumbai.
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