Ambuja Cements Signs Definitive Agreement to Acquire 1.5 MTPA Grinding Unit at Tuticorin, at a value of Rs 413.75 Cr

Ahmedabad, April 15, 2024: Ambuja Cements, signed a definitive agreement to acquire My Home Group’s 1.5 MTPA Cement Grinding Unit in Tuticorin, Tamil Nadu. 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 Kerela, mentions a press release issued by the company. The total cement capacity of Adani Group stands at 78.9 MTPA.

The asset spread across 61 acres of land, located near the Tuticorin Port with a long-term fly ash agreement will be value accretive from the beginning, informs a press release issued by the company.

Ajay Kapur, CEO – Cement Business, Adani Group, said, “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.”

x