Ambuja acquires Penna Cement for ₹10,422 cr

Co says indicative time period for completion of deal is three-four months, will be fully funded via internal accruals

-  BENN KOCHUVEEDAN

ADANI group-owned Ambuja Cements has acquired 100% equity from the promoters of the Hyderabad-based Penna Cement P Pratap Reddy and family for 10,422 crore, as the ports-to-airports-to-energy conglomerate seeks to ramp up its cement play, which began in 2022 with the acquisition of Ambuja Cements and ACC.

In an exchange filing on Thursday, The move will increase the already competitive cement market, which is currently dominated by the Birlasowned Ultratech with an annual capacity of 146 million tonne, while Adani's current capacity is just half of that at about 79 mtpa across 18 plants, which gives it a 14% market share.