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Indian Billionaire Gautam Adani Acquires Cement Businesses To Expand
In a move to capitalize on India’s construction boom, Indian billionaire Gautam Adani’s conglomerate has acquired several cement businesses, further solidifying its position in the industry. Ambuja Cements, a unit of the Adani Group, has approved a merger with two other companies, streamlining operations and expanding its production capacity.
The acquisition is part of the group’s efforts to increase efficiency and competitiveness in the market. As a result of the merger, Ambuja will now have a cement production capacity of 89 million tonnes from 22 manufacturing plants and 21 grinding units across India.
This strategic move comes as no surprise given India’s current construction boom. The country is experiencing unprecedented growth in infrastructure development, leading to increased demand for cement products. With this acquisition, Adani Group aims to capitalize on this trend by expanding its operations and increasing its market share.
The Adani Group has been rapidly expanding its cement business through a series of strategic acquisitions. In 2022, the group acquired Holcim’s Indian assets, making it the country’s second-largest cement producer. This recent acquisition is expected to further enhance the company’s competitiveness in the industry.
It’s worth noting that Adani Group’s expansion in the cement sector has sparked fierce competition with fellow billionaire Kumar Mangalam Birla’s Ultratech Cement, which currently holds the top spot as the industry leader with an annual production capacity of over 150 million tonnes.
In other news, recent allegations by U.S. prosecutors accusing Adani and other executives of orchestrating a $250 million bribery scheme to secure lucrative energy contracts from the Indian government have had significant implications for his net worth. The accusation wiped out almost $16 billion of his net worth in a single week. Adani’s net worth currently stands at $62.9 billion, according to Forbes’ real-time data.
The acquisition is expected to be completed within a year after obtaining necessary approvals from stakeholders and regulators.
Source: www.forbes.com
