Adani Group plans major cement acquisitions
The Adani Group is reportedly exploring acquisition of several cement companies. On Gautam Adani’s radar is Hyderabad-based Penna Cement, Gujarat-headquartered Saurashtra Cement, cement business of Jaiprakash Associates and ABG Shipyard owned Vadraj Cement, as per a report in the Economic Times. For the same, the Adani Group has earmarked $3 billion as the conglomerate aims at increasing its cement production capacity.
Adani Group is also focussing aggressively on surpassing Aditya Birla Group’s UltraTech to become India’s largest cement manufacturer within the next three to four years, the report added.
