The Business Bytes
NEW DELHI, APRIL 15, 2024 (TBB BUREAU): Ambuja Cements, a subsidiary of the Adani Group, has announced its acquisition of My Home Group’s cement grinding unit located in Tuticorin, Tamil Nadu, for a total value of Rs 413.75 crore. The agreement, signed by Ambuja Cements, entails the acquisition of a grinding unit with a capacity of 1.5 million tonnes per annum (MTPA).
In a statement, Ambuja Cements said that the acquisition, funded through internal accruals, will serve to bolster its coastal footprint in the southern markets of Tamil Nadu and Kerala. This move aligns with Ambuja’s strategic vision to expand its presence in key regional markets.
The grinding unit, situated across 61 acres near the Tuticorin Port, comes with a long-term fly ash agreement, further enhancing its value proposition. Ambuja Cements anticipates immediate value accretion from the acquisition and intends to leverage the coastal footprint to drive operational efficiencies.
With this acquisition, Ambuja Cements reinforces its position in the cement industry while contributing to the Adani Group’s total cement capacity, which currently stands at 78.9 MTPA.
