Adani Group Approves Merger of Sanghi and Penna with Ambuja Cements

18 Dec 2024 CW Team

Adani Group has approved the merger of Sanghi Industries and Penna Cement Industries with Ambuja Cements, consolidating its position as a major player in the Indian cement industry. The boards of the involved companies finalised the schemes of arrangement during a meeting, initiating the process for this strategic integration. Ambuja Cements, India’s second-largest cement maker, acquired Gujarat-based Sanghi Industries in December 2023 and Andhra Pradesh-based Penna Cement Industries in August 2024. These mergers aim to streamline operations, simplify compliance, and enhance governance. Under the proposed merger terms, Ambuja Cements will issue 12 equity shares of Rs 2 each for every 100 shares of Sanghi Industries valued at Rs 10. Penna Cement shareholders will receive Rs 321.50 per fully paid-up equity share of Rs 10. The transactions, subject to regulatory approvals, are expected to be completed within 9-12 months. The acquisition of Sanghi Industries, valued at Rs 51.85 billion, was fully funded through internal accruals. Ambuja Cements now holds 58.08% of its equity share capital. Similarly, the acquisition of Penna Cement was executed for Rs 104.22 billion, further boosting Adani’s share in the cement market by 8%. Ajay Kapur, CEO of Adani Group’s Cement Business, stated, “This merger will make our company more competitive, efficient, and capable of delivering greater shareholder value. Unified cash flow management and enhanced working capital will drive faster expansion, cost savings, and operational excellence.” Adani Group has been aggressively expanding in the cement sector since its entry in September 2022, following the acquisition of Ambuja Cement and ACC from Holcim for $6.4 billion. With recent acquisitions, including Orient Cement, Adani Cement’s production capacity is set to reach 100 MTPA by FY25, with ambitions of achieving 140 MTPA by FY28, competing with UltraTech Cement’s target of 200 MTPA by FY27. The consolidation is expected to enhance market competitiveness and create a more robust entity capable of meeting the rising demand for cement in India. (Mint)

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..