Sanghi now owned by Adani: Significant investment reflects grand purpose

AHMEDABAD: The Adani Group has acquired the entire Gujarat-based company, Sanghi Industries. Adani acquired Sanghi Industries for Rs 5000 crore. Adani-owned Ambuja Cements will acquire 14.66 crore shares, accounting for a 56.74 percent stake, from the company's Chairman and Managing Director, Ravi Sanghi, members of the Sanghi family and other promoter firms. Gautam Adani, Chairman of the Adani Group stated that the acquisition of Sanghi Industries marks an important step in the growth journey of Ambuja Cements.

The major cement player will initiate an open offer for the remaining 26 percent stake in Sanghi Industries at Rs 114.22 per share. Sanghi Group's equity value is Rs 2,950.6 crore. If the open offer is successfully completed, the equity value will increase to Rs 2,441.37 crore securing a total stake of 82.74 percent

In the previous year, the Adani Group acquired Ambuja Cements Limited and ACC Limited from the Holcim Group for $6.5 billion. This acquisition has propelled the Adani Group to become the second-largest cement producer in the country, boasting a capacity of 67.5 million tonnes per annum. The group has ambitious plans to double its cement production to 140 million tonnes over the next five years.

Sanghi Cements, a brand owned by Sanghi Industries possesses a grinding capacity of 6.1 million metric tonnes per annum and a clinker capacity of 6.6 million metric tonnes per annum. Additionally, the company has installed a 3.2 km enclosed belt conveyor to transport limestone from the mines to the clinker plant.