Adani Group Acquisition: Adani Group will acquire Orient Cement, this will be the third acquisition of this year.
Adani Group Acquisition : Adani Group company Ambuja Cements today announced the signing of a definitive agreement to purchase 46.8 percent stake in Orient Cement. The conglomerate run by billionaire Gautam Adani is buying up smaller rivals to challenge UltraTech, India's top cement maker. India's No. 2 cement maker Ambuja Cement will buy 46.8 per cent of its founders and some public shareholders, including Chairman CK Birla, for Rs 3,791 crore. The deal will be at an equity value of Rs 8,100 crore. This will be the third acquisition of Ambuja Cements in the current financial year. After the acquisition deal, Adani Group will also have to make an open offer.
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With the acquisition of Orient Cement, Adani Group's total cement production capacity will increase to 9.74 crore tonnes. The country's largest cement company, UltraTech Cement, has a capacity of 150.7 million tonnes annually.
Orient Cement, owned by the CK Birla family, has a production capacity of 56 lakh tonnes per annum of clinker and 85 lakh tonnes of cement per annum in South and West India. Ambuja Cement said that Orient Cement also has an additional capacity of 81 lakh tonnes per annum ready and from this the production of cement can be started immediately.
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