Ambuja Cements buys Penna Cement for Rs 104.22 billion

Ambuja Cements, owned by the Adani Group, will purchase 100 per cent stake in Penna Cement Industries Limited (PCIL) for an enterprise value of Rs 104.22 billion. This acquisition will help Adani’s strategy to achieve a capacity of 140 million tonnes per annum (mtpa) by 2028. The current PCIL dealers will transition to Adani Cement Limited’s network to enhance synergy. This acquisition is projected to increase Adani Cement’s nationwide market share by approximately 2 per cent and by about 8 per cent in South India.