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)

Resources

09 Mar 2026

Haworth India Hosts Women’s Leadership Panel Series

Haworth India marked International Women’s Day by hosting a leadership roundtable series titled ‘Give to Gain’, bringing together senior women leaders from architecture and design firms, corporates and project management consultancies. The series has been conducted in Delhi and Mumbai, with upcoming sessions scheduled in Bengaluru and Hyderabad on 27 March 2026. Structured as moderated panel discussions followed by audience interaction, the initiative examined the business impact of women’s leadership and the role of inclusive workplaces in supporting professional growth. Manish Khan..

Max Estates Secures RERA For Max One Project

Max Estates has secured RERA approval (UPRERA No.: UPRERAPRJ9759) for its Max One development around Max Towers in Sector 16B, Noida, bringing renewed progress to a project previously stalled following the insolvency of its earlier developer. Spread across around 10 acres with an estimated development potential of about 2.5 million sq ft, Max One is planned as an integrated mixed-use campus combining serviced residences, premium offices, retail spaces and a private club. The project is expected to generate total sales potential of about Rs 20 billion along with an estimated annuity rental inc..

Hindware Introduces Starc Smart Wall Mount Toilet

Hindware has introduced the Starc Smart Wall-Mount Toilet under its Hindware Italian Collection, designed to combine automation, hygiene and contemporary bathroom aesthetics. The model features automatic flushing, sensor-based seat opening and closing, and remote-controlled functions. It also includes an oscillating water spray and warm air dryer for cleaning, along with a self-cleaning nozzle designed to maintain hygiene. Additional features include adjustable heated seating, customisable water temperature and pressure settings, a foot-touch flush system and an LCD control interface. The wa..