M&A

M&A

Ambuja Cements to merge Sanghi Industries, Penna Cement with itself

Press Release   Business Line  

Mumbai-headquartered Ambuja Cements, the cement and building materials company of Adani Group, will merge its subsidiaries Sanghi Industries Ltd (SIL) and Penna Cement Industries Ltd (PCIL) with itself.Ambuja Cements will issue 12 equity shares of the face value of INR 2 each for every 100 equity shares of SIL of face value INR 10 each. PCIL will pay 321.50 for every fully paid-up equity share of INR 10 each. These transactions will be completed within 9-12 months.SIL has a clinker capacity of 6.6 MTPA, a cement capacity of 6.1 MTPA, and limestone reserves of over 1 billion tonnes. PCIL has four integrated plants in Andhra Pradesh and Telangana, along with a grinding unit in Maharashtra.