Ambuja Cements, the cement and building material company of Adani Group, has signed definitive agreement to acquire My Home Group‘s 1.5 MTPA cement grinding unit in Tuticorin, Tamil Nadu.The acquisition is estimated at a total value of Rs 413.75 crores and will be funded through internal accruals.Ajay Kapur, CEO (Cement Business), Adani Group, said, “Ambuja Cements will also inherit the existing dealer network and retain current employees.”
“Furthermore, the limited availability of limestone in Tamil Nadu presents a unique competitive advantage with coastal movement of clinker from the Sanghipuram Plant ensuring cost-efficient operations,” the company said.The total cement capacity of Adani Group stands at 78.9 MTPA with 18 integrated cement manufacturing plants and 19 cement grinding units across the country.