Adani-backed Ambuja Cement, a cement producing company, agreed to acquire a 56.74% stake in Sanghi Industries, a cement manufacturer, for $343m. “This landmark acquisition is a significant step forward in Ambuja Cements’ accelerating growth journey. By joining hands with SIL, Ambuja is poised to expand its market presence, strengthen its product portfolio, and reinforce its position as a leader in the construction materials sector. With this acquisition, the Adani Group is well on course to achieve its target of 140 MTPA of cement manufacturing capacity by 2028 ahead of time. With SIL’s limestone reserves of a billion tonnes, ACL will increase cement capacity at Sanghipuram to 15 MTPA in the next two years. ACL will also invest in expanding the captive port at Sanghipuram to handle larger vessels. Our aim is to make SIL lowest cost producer of Clinker in the country,” Gautam Adani, Adani Group Chairman.