Adani Group becomes most profitable cement manufacturer

After completing a USD 6.5 billion acquisition of Ambuja Cements and ACC, billionaire Gautam Adani announced plans to double cement manufacturing capacity and become the country's most profitable manufacturer. He predicted a multifold increase in cement demand in India as a result of the country's record-breaking economic development and the government's infrastructure-building push, which will result in huge margin expansion. In a speech marking the conclusion of the transaction on September 17, Adani Group's founder and chairman declared the ports-to-energy company has become the country's second-largest cement manufacturer in a single stroke. Adani Group last week completed a buyout of Swiss major Holcim’s stake in the two firms. Also Read Birla Corporation to expand cement production capacity Adani Group in talks to acquire additional stake in ACC, Ambuja