Ambuja Cements Signs Definitive Agreement To Acquire 1.5 MTPA Grinding Unit In Tuticorin For ₹413.75 Crores

Ambuja Cements Signs Definitive Agreement To Acquire 1.5 MTPA Grinding Unit In Tuticorin For ₹413.75 Crores

The acquisition estimated at a total value of Rs 413.75 Crores through internal accruals will aid in enhancing the coastal footprint across southern markets of Tamil Nadu and Kerela.

FPJ Web DeskUpdated: Monday, April 15, 2024, 03:12 PM IST
article-image
Ambuja Cements Signs Definitive Agreement To Acquire 1.5 MTPA Grinding Unit In Tuticorin For ₹413.75 Crores | Image: Ambuja Cement (Representative)

Ambuja Cements, the cement and building material company of the diversified Adani Portfolio, signs definitive agreement to acquire My Home Group's 1.5 MTPA Cement Grinding Unit in Tuticorin, Tamil Nadu, the company on Monday announced through an exchange filing.

The acquisition estimated at a total value of Rs 413.75 Crores through internal accruals will aid in enhancing the coastal footprint across southern markets of Tamil Nadu and Kerela. The total cement capacity of Adani Group stands at 78.9 MTPA.

The asset spread across 61 acres of land, conveniently located near the Tuticorin Port with a long-term fly ash agreement will be value accretive from the beginning. Ambuja Cements will leverage the coastal footprint and state-of-the-art marine infrastructure and equipment.

This acquisition provides access to the southern market customers with an opportunity to experience and instil their trust in one of the most iconic and trusted brands – Ambuja Cement.

Ajay Kapur, CEO – Cement Business, Adani Group, said, "We are glad to announce this acquisition, strengthening our foothold in the region and aligning perfectly with our commitment to delivering high-quality products and services to our customers. In addition to the infrastructure and geographical advantages, Ambuja Cements will also inherit the existing dealer network and retain current employees, facilitating a smooth transition and enabling the rapid ramp-up of utilisation.”

RECENT STORIES

Abans Holdings Posts A Consolidated Net Profit Of ₹89.25 Crores

Abans Holdings Posts A Consolidated Net Profit Of ₹89.25 Crores

Mukka Proteins Net Profit Jumps 141.53%

Mukka Proteins Net Profit Jumps 141.53%

MMA IMPACT Delhi Set To Unveil 4th Edition Of Modern Marketing Reckoner - 'Winning With AI'

MMA IMPACT Delhi Set To Unveil 4th Edition Of Modern Marketing Reckoner - 'Winning With AI'

Adani Energy Solutions Completes Acquisition Of Essar’s Operational Mahan-Sipat Transmission...

Adani Energy Solutions Completes Acquisition Of Essar’s Operational Mahan-Sipat Transmission...

'Rotary Asha Express' Mobile Cancer Screening Bus to Reach Every Village in Satara District

'Rotary Asha Express' Mobile Cancer Screening Bus to Reach Every Village in Satara District