Thursday, May 30 2024 | Time 22:09 Hrs(IST)
image
Business Economy


Ambuja Cements to acquire My Home Group's grinding unit for Rs 414 crore

New Delhi, April 15 (UNI) Adani group-controlled Ambuja Cements has signed a definitive agreement to acquire My Home Group's 1.5 million tonnes per annum (MTPA) cement grinding unit in Tuticorin for Rs 413.75 crore.
Located near the Tuticorin Port, the unit would increase Ambuja’s coastal footprint across southern markets of Tamil Nadu and Kerela.
The plant is spread across 61 acres of land with a long-term fly ash supply agreement for raw material sourcing.
"The acquisition estimated at a total value of Rs 413.75 crores through internal accruals will aid in enhancing the coastal footprint across southern markets of Tamil Nadu and Kerala," Adani group said in a media release on Monday.
The acquisition would take Adani Group’s total cement capacity to 78.9 MTPA.
"We are glad to announce this acquisition, strengthening our foothold in the region and aligning perfectly with our commitment to delivering high-quality products and services to our customers. In addition to the infrastructure and geographical advantages, Ambuja Cements will also inherit the existing dealer network and retain current employees, facilitating a smooth transition and enabling the rapid ramp-up of utilisation,” said Ajay Kapur, CEO (Cement Business), Adani Group.
UNI NK CS
More News

ICEMAKE’s consolidated net profit jumps 65 24 pc to Rs 14 24 cr in Q4FY24

30 May 2024 | 9:01 PM

Hyderabad, May 30 (UNI) Ice Make Refrigeration Limited (ICEMAKE), a leading provider of innovative cooling solutions and a prominent manufacturer of over 50 types of refrigeration equipment in India, on Thursday reported a remarkable 65.24 percent increase in the consolidated net profit to Rs 14.27 crore for the quarter ended March 31, 2024 as compared to Rs 8.63 crore in the corresponding period of the previous fiscal year.

see more..

Higher dividend payments might continue in FY25 : Ghosh

30 May 2024 | 8:30 PM

Kolkata, May 30 (UNI) Higher dividend payments might continue in FY25 also indicating adherence to fiscal glide path of 4.5 per cent by FY26.

see more..

30 May 2024 | 7:11 PM

New Delhi, May 30 (UNI) IDFC FIRST Bank on Thursday said its net profit has grown 21 percent to Rs 2,957 crore in the financial year 2023-24 compared to Rs 2,437 crore in the previous financial year.

see more..

Bharti Airtel appoints Sharat Sinha as CEO of Airtel Business

30 May 2024 | 7:05 PM

Kolkata, May 30 (UNI) Bharti Airtel (Airtel) has appointed Sharat Sinha as the CEO of Airtel Business effective June 03, 2024.

see more..

NEWME launches largest retail store in Hyderabad

30 May 2024 | 6:55 PM

Hyderabad, May 30 (UNI) NEWME, one of India’s leading fashion-tech brands for Gen Z women, on Thursday announced it has launched its largest retail store in India at Sarath City Mall in Hitech City, on the outskirts of the city.

see more..
image