Right after Adani's Ambuja Cement acquired Sanghi Industries, the Social Media and Digital Platforms Chairperson of Indian National Congress Supriya Shrinate Tweeted the sequence that led to the acquisition.
According to the Tweet by Sanghi Industries, Shree Cements in 2013 had plans to acquire Sanghi Industries but a few months after the news Shree Cements was raided by the income tax department. Post the raid, Shree Cements withdrew its acquisition plans.
Right after this Adani's Ambuja Cements bought Sanghi industries.
Ambuja Cements acquires Sanghi Industries for Rs 5,000 crore
Ambuja Cements Limited, the cement and building material company of Adani Cement on Thursday announced the acquisition of Sanghi Industries Limited at an enterprise value of Rs 5,000 crore. ACL will acquire 56.74 per cent shares of SIL from its existing promoter group, Ravi Sanghi and family. The acquisition will be fully funded through internal accruals.
SIL’s integrated manufacturing unit at Sanghipuram in Gujarat’s Kutch district is India’s largest single-location cement and clinker unit by capacity. With 2,700 hectares of land, the integrated unit has two kilns with a clinker production capacity of 6.6 MTPA and a cement grinding unit with a capacity of 6.1 MTPA. It has a captive power plant of 130 MW and a Waste Heat Recovery System of 13 MW. The unit is also connected with a captive jetty at Sanghipuram.
Congress’s stand against Adani
Congress has for a very long time called out the BJP government for favouring Adani group when it comes to government projects. The latest one includes Congress accusing the BEST Undertaking of awarding a Rs 1,300 crore contract to Adani Electric for the installation of 10.50 smart electric metres for electricity consumers.
Congress had also called out the Maharashtra government for giving the Dharavi Redevelopment project to Adani. Post this acquisition the High Court permitted Dubai's Seclink Technologies to challenge Adani's bid on the Dharavi slum redevelopment project.
Congress also spearheaded the demand for investigation against Gautam Adani after the release of the Hindenburg Report. Post which the Supreme Court had on March 2 constituted the expert committee to investigate if there was any failure to disclose transactions with related parties and if stock prices were manipulated.
The six-member panel, however, said there was evidence of a build-up in short positions on Adani Group stocks ahead of the report of US-based short seller Hindenburg Research that alleged fraud, stock manipulation, and money laundering at the apples-to-port group.
Profits were earned from squaring off positions after prices crashed post-publication of the damning allegations.
The committee, headed by former Supreme Court judge Justice AM Sapre, in its 173-page report, said that based on the data from Securities and Exchange Board of India (Sebi), it saw "no evident pattern of manipulation" in the steep stock price rise in billionaire Gautam Adani's companies that can be attributed to "any single entity or group of connected entities".