Adani's Ambuja Cements to acquire 100% of Penna Cement

17 Jun 2024 CW Team

Ambuja Cements, part of the Adani Group, will acquire 100% of Penna Cement in a deal worth Rs 104.22 billion, announced. The acquisition will be fully funded through internal accruals. This transaction includes a cement capacity of 14 million tonnes per annum (MTPA) and an under-construction 4.0 MTPA capacity at Jodhpur IU and Krishnapatnam GU, which Penna Cement will complete.

Gautam Adani's $3 billion fund, aimed at dominating the cement market, will see a significant expenditure with this acquisition. This move will enhance Adani Group?s presence in South India and Sri Lanka, directly competing with UltraTech Cement. The company aims to boost its production capacity from the current 89 MTPA to 140 MTPA by 2028, including the 4 MTPA under construction.

Reports also suggest that Adani Group plans further acquisitions, including Saurashtra Cement, Jaiprakash Associates' cement business, and Vadraj Cement, potentially adding another 20.5 MTPA to Ambuja's capacity. These strategic moves are in line with India's growing infrastructure development under the Modi government, with Ambuja Cements aiming to increase its South India market share from 8% to 15% and its pan-India market share by 2%.

Additionally, the acquisition will strengthen Adani's logistics with five bulk cement terminals in Kolkata, Gopalpur, Karaikal, Kochi, and Colombo, facilitating better distribution across peninsular India. Following the announcement, Ambuja Cements' stock rose 4% to a new all-time high.

(Source: ET)

Infrastructure Urban

05 Nov 2025

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..