Ambuja Cement secures 24 limestone mines in FY24

26 Jun 2024 CW Team

Ambuja Cements, a firm under the Adani group's umbrella, has been actively pursuing expansion efforts. According to the company's annual report, it has secured 24 bids for new limestone mines, which are estimated to hold a total resource of 587 million tonnes of limestone.

Additionally, last November, the Adani-owned firm acquired Sanghi Industries, based in Saurashtra, which boasted reserves of 1 billion tonnes of limestone, valued at Rs 5,185 crore.

The company emphasized the importance of winning bids for coal and limestone mines to achieve self-sufficiency. It pointed out that coal mines in Dahegaon-Gowari and the existing Gare Palma coal block currently cater to 40% of Ambuja Cements Ltd (ACL)'s coal requirements.

The Adani group has set a goal to reach a capacity of 140 million tonnes per annum (MTPA) by 2028, leveraging its ample cash reserves for brownfield expansions and acquisitions.

Recently, the group announced the acquisition of Penna Cement based in Hyderabad, valued at Rs 10,422 crore. This acquisition will add 14 MTPA to ACL's capacity, bringing it to a total of 89 MTPA. The transaction, completed entirely in cash, aims to strengthen ACL's market position in the South and facilitate entry into Sri Lanka.

During an analyst call following the acquisition, ACL's CFO Vinod Bahety indicated that even after this substantial investment, the company would still hold approximately Rs 10,000 crore in cash by year-end.

Bahety explained, "Given our strong cash position, the acquisition of Penna Cement represents a strategic deployment of our resources, yielding a return on capital employed of more than 15%."

He further projected, "The entire acquisition will be financed through our existing cash reserves. Even after this, I estimate that we will retain over Rs 10,000 crores in cash by the end of this year."

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