India’s Ambuja Cements has acquired a 56.74% stake in smaller rival Sanghi Industries for INR50bn ($604.4m), in its first major acquisition this year. Ambuja will pay INR16.74bn for the stake and launch an open offer for a further stake at INR114.22 per share. This follows the Adani Group’s $10bn acquisition of Holcim AG’s cement businesses in India last year.
Adani-backed Ambuja Cements buys stake in Sanghi Industries for $604 million
India’s Ambuja Cements has acquired a 56.74% stake in smaller rival Sanghi Industries for INR50bn ($604.4m), in its first major acquisition this year. Ambuja will pay INR16.74bn for the stake and launch an open offer for a further stake at INR114.22 per share. This follows the Adani Group’s $10bn acquisition of Holcim AG’s cement businesses in India last year.