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Adani family injects Rs 6,661 cr in Ambuja Cement
Photo courtesy: gautam_adani/ twitter.com

Adani family injects Rs 6,661 cr in Ambuja Cement

India Blooms News Service | @indiablooms | 28 Mar 2024, 07:21 pm

Mumbai: The Adani family has injected Rs 6,661 crore into Ambuja Cement, elevating its stake in the company to 66.7%.

This follows a previous investment of Rs 5,000 crore, executed through warrants authorized by the board in October 2022.

As per official documentation, this recent investment represents a 3.6% rise in the family's ownership of Ambuja.

Altogether, the Adani family has now infused a total of Rs 11,661 crore into Ambuja since acquiring it.

Ambuja Cement's Whole Time Director and CEO, Ajay Kapur, said that this injection of funds allows the firm capital flexibility to accelerate growth, manage capital, and maintain a robust balance sheet.

"This infusion of funds provides Ambuja capital flexibility for fast-tracked growth, capital management initiatives and best-in-class balance sheet strength. It is not only the testament to steadfast belief in our vision and business model but also reinforces our commitment to delivering long-term sustainable value creation to our stakeholders,” said Kapur.

Ambuja Cement intends to use the funds to strengthen its financial position and further its growth objectives, including its objective to reach a capacity of 140 million tonnes per annum by 2028.

Moreover, the funds will be allocated towards strategic endeavours, including enhancing operational efficiency by overcoming capital expenditure obstacles, optimising resource allocation, and refining the supply chain. The company prioritises investments in innovation and product enhancement.

Barclays Bank PLC, MUFG Bank, and Standard Chartered Bank served as advisors in facilitating this transaction.

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