Gautam Adani and his family have invested a further US$799m in Ambuja Cements Ltd, raising their stake in the cement producer to 66.7 per cent. According to Bloomberg News, the move is indicative of the billionaire’s confidence in the cement business as India undergoes an infrastructure boom.
Adani first acquired a controlling stake in Ambuja Cements Ltd and ACC Ltd in 2022 for US$10.5bn. This latest investment will help Ambuja Cements increase its production capacity to a target 140Mta by 2028.
“This infusion of funds provides Ambuja capital flexibility for fast-tracked growth, capital management initiatives and best-in-class balance sheet strength,” said Ajay Kapur, chief executive officer, Ambuja Cements Ltd.
