Adani-backed Ambuja Cements to merge with Penna Cement and Sanghi Industries.

Adani-backed Ambuja Cements, a cement manufacturing and supplier company, agreed to merge with Penna Cement and Sanghi Industries, two recently purchased rivals. Financial terms were not disclosed. “This merger aims to make our company more competitive and efficient, ultimately enhancing shareholder value. Enhanced working capital management and internal funds will support the growth of our business operations. Unified cash flow management will pool resources for faster expansion and cost savings in administration and governance, thereby simplifying compliance requirements. This advancement through a larger entity will increase market competitiveness and deliver greater value to our shareholders,” Ajay Kapur, Adani Group CEO – Cement Business.