Shares of ITD Cementation surged by 20% following reports of the Adani Group considering buying a stake. If the deal goes through, it would mark another major acquisition for the Adani Group in the cement industry. Amid predictions of further consolidation in the cement sector, UltraTech has announced plans to keep India Cements listed after acquiring it. This news comes as Jindal Group announces an expansion in cement capacity to 7 million tons per annum. As the Indian cement industry continues its consolidation trend, reports of the Adani Group potentially buying a stake in ITD Cementation have caused the company's stocks to soar by 20%. This comes on the heels of UltraTech's plans to keep India Cements listed after a potential acquisition. Meanwhile, Jindal Group looks to expand its cement capacity to 7 million tons per annum.
Adani Group is looking to offload its stake in Ambuja Cement through a 2.84 percent stake sale in a block deal, with a floor price of Rs 600 per share. This move is expected to raise Rs 4200 crore for the Adani Group, which has a 70.33 percent stake in Ambuja Cement. The decision comes after the group's recent acquisition of Penna Cement and is aimed at further expanding their presence in the cement industry. Adani Group is looking to sell a 2.84 percent stake in Ambuja Cement through a block deal to raise Rs 4200 crore. This move follows the group's recent acquisition of Penna Cement and will help them further expand their presence in the sector. The block deal is set at a floor price of Rs 600 per share and is expected to bring in new capital for the group.
Ambuja Cements, a leading company of the Adani Group, has acquired 100 per cent stake in Penna Cement Industries Ltd (PCIL) for Rs 10,422 crore. The acquisition will help Ambuja Cements achieve its target capacity of 140 MTPA by 2028 and increase its market share by 2 per cent pan-India and 8 per cent in south India. The purchase, financed through internal accruals, marks a significant milestone in Ambuja Cement's growth journey.