Gautam Adani and his family have made a further investment in Ambuja Cements. Injecting another INR83,390m (US$998.3m) into the business has increased their stake in the cement producer to 70.3 per cent. This follows a previous injection of funds on 28 March this year, raising their stake to 66.7 per cent.
According to The Telegraph, this latest investment will help Ambuja accelerate its growth plans which aim to double its cement production capacity from 76.1Mta, as at the end of 2023, to 140Mta by 2028.
"With this, promoters have further strengthened Ambuja post-acquisition, giving Ambuja capital flexibility for accelerated growth, capital management initiatives and best-in-class balance sheet strength to accomplish its various strategic initiatives," said the company. The funds will also enable various strategic initiatives, including debottlenecking capex, to enhance operational performance, as well as bringing efficiencies across resources and supply chain.
