Star Cement Refutes Reports of Acquisition Talks with Adani Group

05 Dec 2024 CW Team

Star Cement denied reports suggesting that Ambuja Cement, part of the Adani Group, was exploring the acquisition of Star Cement to boost its presence in the North East. The company called these claims speculative and confirmed that no such discussions are currently taking place. In a stock exchange filing, Star Cement stated, “In reference to the news item published by ‘Money Control,’ we clarify that the aforementioned news is speculative, and the company is not involved in any related discussions.” The company reiterated its dedication to regulatory compliance, noting, “We have consistently made and will continue to make disclosures in accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.” Earlier, MoneyControl reported that Ambuja Cement was considering an acquisition of Star Cement as part of its strategy to expand in the North East, where Star Cement has a notable market share. This clarification comes as merger and acquisition activities in India’s cement industry face increased scrutiny, spurred by the Adani Group’s growing interest in bolstering its position in the sector. (ET)

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