Thursday, May 30 2024 | Time 22:09 Hrs(IST)
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.
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