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 Adani Group’s Ambuja Cements on Thursday announced it would acquire Hyderabad based Penna Cement Industries Ltd (PCIL) at an enterprise value of Rs 10,422 crore. This is the group’s third acquisition since it entered the cement business less than two years ago, in September 2022. The acquisition, Ambuja Cements said, would add 14 million tonnes per annum (mtpa) to its capacity, taking the total capacity of Adani group’s cement business (ACC-Ambuja consolidated) to 89 mtpa. The deal is expected to be closed in three to four months. Ambuja will acquire 100 per cent shares of PCIL from its existing promoter group P Pratap Reddy and family. PCIL has 14 MTPA capacity in Andhra Pradesh, Telangana, and Rajasthan (under-construction).  The acquisition will be fully funded through internal accruals. “By acquiring PCIL, Ambuja is poised to expand its market presence in south India and reinforce its position as a pan-India leader in the cement industry. PCIL’s strategic location and sufficient l

Less than two weeks ago, Gautam Adani was the fourth-richest person in the world. With a personal fortune estimated at $120 billion, the self-made Indian industrialist was wealthier than either Bill Gates or Warren Buffett. Then Hindenburg Research an American short seller with bets against Adani’s companies, accused him of pulling off “the largest con in corporate history.” While the Adani Group has condemned the report as “baseless” and “malicious,” investor questions about its claims linger, and the fallout is growing. Adani’s business partners and lenders are clarifying their ties to the conglomerate, while India’s federal government is reportedly launching an investigation after an outcry by opposition lawmakers. Adani’s firms have lost $110 billion since then, and his own wealth has been halved to little more than $61 billion as investors pull their support. adani vs hindenburg