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)

Infrastructure Urban

06 Apr 2026

CFI Appoints New National Council for FY27 and FY28

The Construction Federation of India (CFI) has announced its newly elected National Council and office bearers for a two-year term covering FY27 and FY28. M. V. Satish, Advisor to CMD and Lead Ambassador for Middle East, L&T, has been elected President; Priti Patel, Chief Strategy & Growth Officer, Tata Projects, has been appointed Vice President; and Ajit Bhate, Managing Director, Precast India Infrastructures, has taken charge as Treasurer.The newly formed National Council brings together senior leaders from major EPC and infrastructure companies, reflecting CFI’s continued focus o..

India REIT Market Gains Momentum with Strong Returns

India’s Real Estate Investment Trust (REIT) market is witnessing strong growth, emerging as a competitive investment avenue both domestically and across Asia. According to a recent ANAROCK report released at EXCELERATE 2026 by NAREDCO Maharashtra NextGen, the sector is evolving into a mature asset class driven by solid fundamentals, regulatory backing and rising investor confidence.The introduction of Small and Medium REITs (SM REITs) in 2025 has further widened access through fractional ownership, unlocking a potential monetisation opportunity of Rs 670–710 billion. Indian REITs have deli..

G R Infraprojects Secures Rs 4,130 Million BESS Contract From NTPC

G R Infraprojects said it has secured a contract from NTPC to supply and implement a battery energy storage system (BESS) valued at Rs 4,130 million (mn). The company reported the order was awarded as part of NTPC's ongoing efforts to enhance grid flexibility and energy storage capacity. The contract represents a notable addition to the firm's project pipeline and underscores demand for utility scale storage solutions. The award is expected to strengthen G R Infraprojects' presence in the energy infrastructure sector and to contribute to the firm's order book and future revenues, subject to st..