Adani Group company Ambuja Cement has purchased Penna Cement for Rs 10,422 crore. With this acquisition, the group’s cement capacity will increase by 1.4 million tonnes per annum to 8.9 million tonnes. Adani Group will buy the entire 100 percent shares of Ambuja Penna from the current promoter group. Ambuja Cement announced that it will acquire Hyderabad-based Penna Cement Industries Limited for Rs 10422 crore.
Ambuja Cement Company has said that with this acquisition the capacity of the company will increase by 14 million tonnes per annum. The capacity of the company will increase rapidly. This cartel of Ambuja Cement and Panna Cement is expected to be completed soon. Bhana Cement earlier in 2019 India Ratings, which had made an unsuccessful attempt to go public, said in its January note on the company that Panna Cement has recorded an Avita loss of Rs 11 crore in the first half of 2023 and 2024.
Also Read –JP Power Share Price Target
Adani Group will make this car soon and Adani Group keeps looking at such companies that if any company is going bankrupt then it should buy it. Similarly, Ambuja Cement, a company of Adani Group, has bought the first cement. It was facing many challenges due to which Penna Cement was sold.
Chief Executive Officer and Director of Ambuja Cement has said that by acquiring PCIL, Ambuja is ready to expand its market presence in South India and take a stronger position at the forefront of the cement industry and this agreement of Ambuja Cement will accelerate the growth of the company. It will be seen that the company will grow rapidly, the position of the company is continuously getting stronger and Ambuja Cement Company is succeeding in its strategy.
The demand of Ambuja Cement Company is continuously increasing in the markets due to which Ambuja Cement is directly getting profit. Ambuja Cement is listed on the stock market and the company has rapidly gained access to the market. After gaining access, the company worked continuously and The company is ready as a leading company in the cement sector. In the coming times, the strength of Ambuja Cement Company will be visible not only in India but also at the international level.
After this announcement, the shares of Ambuja Cement rose by more than 3.85 percent to Rs 690 during the trading session on Friday, taking the total market registration to more than Rs 1.70 lakh crore. Shares of Ambuja Cement also rose in the markets with the previous and investors. The number of investors is continuously increasing in Adani Group companies. Similarly, the number of investors is also increasing rapidly in Ambuja Cement. Investors are expecting that how Ambuja Cement will grow rapidly.