Breaking News
1. Amit Shah to introduce bills for removal of PM, CMs, Ministers held on serious criminal charges in Lok Sabha today      2. Trump imposed tariffs on India to end Russia-Ukraine war, says White House      3. ‘Oil laundering’: Donald Trump’s trade czar paints India as villain in Russia-Ukraine war      4. China ready to supply fertilizer, rare-earths and tunnel machines to India      5. 3 Killed, Over 60 Injured In Aerial Firing During Pakistan's Independence Day Celebrations      6. Trump warns Russia of very severe consequences if Putin blocks Ukraine deal      7. Heavy rain batters Telangana; IMD warns of intense showers across North India      8. Massive space object could be alien probe on 'reconnaissance mission,' expert warns      9. Trump weighs major marijuana policy move that would reclassify the plant      10. Illinois Gov Pritzker pressed on billionaire status by NBC's Kristen Welker      11. 'Progressive snowflake era' over as Hollywood studios abandon woke programming      12. 'Bureau bloodbath': Trump FBI leaders face backlash after ousting key agents      13. "We'll Take Half World Down With Us": Pak Army Chief Asim Munir's Nuclear Threat In US      14. Anas Al Sharif among 5 Al Jazeera journalists killed in Israeli strike in Gaza      15. After UK and France, Australia to recognise Palestine but with condition: ‘No role for Hamas’      16. Trump's tariffs on India alarm US manufacturers: Former Governor Chris Sununu      17. Ukraine's Volodymyr Zelensky may get the Trump-Putin summit invite as White House considers move: Report      18. Meteorite fragment that slammed through homeowner's roof is billions of years old, predates Earth: professor      19. Trump nominates ex-Fox News host Tammy Bruce as deputy UN ambassador      20. Cuomo demands NYC mayoral hopeful 'move out immediately' from $2,300 apartment     

Adani family invested in Ambuja Cements: Infuses ₹6,661 crore and stake in company

  • Posted on March 28, 2024
  • Business
  • By Arijit Dutta
  • 368 Views

Ambuja Cement is a cement and construction products company that has received a total investment of 6,661 crore from the Adani family, who are also the company's proprietors. 

Adani family invested in Ambuja Cements: Infuses ₹6,661 crore and stake in company

Adani family, increased their position in Ambuja Cement by 3.5 percent and the stock price gained 2%, making their total stake 67.5 percent. To enable them to execute the warrants that the board had approved in October 2022, the Adani family invested ₹5,000 crore in the business.

Also Read:  Manchester Derby At Wembley: Can Man United Halt Man City's Treble Quest?

According to Ambuja Cements, the investment is in line with the company's aggressive expansion ambitions and will help it strengthen its financial position. In a filing with the regulatory bodies, Ambuja Cements said, "The latest investment testsify the commitment by the Adani family to boost future prospects and potential of cement vertical."

The cement manufacturer stated in their release that "it will also drive innovation and product enhancement through advanced technology integration, aiming to better serve the growing needs of the sector."

With this funding infusion, Ajay Kapur, Whole Time Director and CEO of Ambuja Cements, guaranteed capital flexibility, best-in-class balance sheet strength, and expedited expansion.

Furthermore, the corporation has said that the capital infusion will be essential to reaching the 140 million tons per year capacity of the cement vertical by 2028. The company asserted that it needed the cash infusion to accomplish its strategic objectives, which included assuring scalability and enhancing operating capacities.

 

Author
No Image
Author
Arijit Dutta

You May Also Like