Adani family invested Rs 6,661 crore in Ambuja Cements, stake in the company was 66.7 percent.
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New Delhi. The Adani family on Thursday announced an investment of Rs 6,661 crore in Ambuja Cements. With this, its stake in the country’s second largest cement company has increased by 3.6 percent to 66.7 percent. The investment will be crucial for the Adani Group’s cement business, which plans to expand its capacity to 140 million tonnes per annum by 2028, Ambuja Cements, owned by industrialist Gautam Adani, said in a statement.
Earlier, the promoter Adani family had invested Rs 5,000 crore in the company through the issue of warrants approved by the board of directors in October 2022. Ambuja Cements also has a controlling stake in another cement company, ACC Limited. The company said in a statement, “With this, the Adani family’s stake in the company has increased by 3.6 percent to a total of 66.7 percent.” Ambuja Cements Chief Executive Officer (CEO) Ajay Kapoor said the investment will help in achieving “accelerated growth, capital management initiatives etc”.
“This is not only a testament to the strong belief in our vision and business model, but also reinforces our commitment to deliver long-term sustainable value creation for our stakeholders,” he said. This will motivate us to set new standards to accelerate our growth and continue to improve operations.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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