India's Adani-backed Ambuja Cements to buy majority stake in Sanghi Industries for $604 million

BENGALURU (Reuters) - India's Ambuja Cements said on Thursday it will buy a 56.74% stake in smaller rival Sanghi Industries for an enterprise value of 50 billion rupees ($604.4 million), closing the Adani Group's gap on market leader UltraTech at a time of booming demand for building materials.

($1 = 82.7270 Indian rupees)

(Reporting by Indranil Sarkar and Kashish Tandon in Bengaluru; Editing by Sonia Cheema)