Ambuja Cements has concluded an agreement to acquire a majority stake in the operations of Sanghi Industries. This acquisition is expected to strengthen the cement operations of billionaire Gautam Adani's firm.

One of the sources mentioned that the deal was based on Sanghi's enterprise value of Rs 60 billion. Adani was one of the frontrunners in the race to acquire Sanghi, which was valued at the same enterprise value.

Both Adani Group and Sanghi Cement declined to provide any comments on the matter. Adani currently holds the position of India's second-largest cement producer, just behind UltraTech Cement. Adani's firm owns Ambuja and its subsidiary ACC, which collectively have a production capacity of over 65 million tonnes and run more than a dozen manufacturing plants across India.

On the other hand, Sanghi Industries is a prominent cement manufacturer based in the state of Gujarat in western India. As stated on their website, they have an annual production capacity of 6.1 million metric tonne.

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