Ambuja Cements Limited, (BSE:500425) an Adani Group company, has made a INR 7,670 million open offer to acquire up to 67.1 million equity shares or 26% stake of Sanghi Industries Limited (NSEI:SANGHIIND) shares at INR 114.22 a piece. The offer follows Ambuja Cements acquiring 56.74% shares of SIL at an enterprise value of INR 50,000 million from its existing promoter group, Ravi Sanghi & family. Ambuja Cements has proposed to fund the deal through internal accruals.

Ambuja Cements will also pump in INR 3,000 million as inter corporate deposit agreement to meet the general corporate purposes of Sanghi Industries. Gautam Adani, Chairman of the Adani Group, said the deal will help Ambuja expand its market presence, strengthen its product portfolio, and reinforce its position as a leader in the construction materials sector. With this acquisition, the Adani Group is on course to achieving its target of 140 MTPA of cement manufacturing capacity by 2028, ahead of time.

The acquisition of SIL will enhance Ambuja Cements capacity to 73.6 MTPA from 67.5 MTPA. With a 14 MTPA capex and the commissioning of 5.5 MTPA capacity at Dahej and Ametha by Second Quarter of Fiscal 2024, the Adani Group?s capacity will be 101 MTPA by 2025.