Penna Cement

The potential deal is the latest in Adani Group's massive expansion push in the cement sector. The company entered the industry in 2022 by acquiring Holcim's stake in Ambuja Cement

Cement, power, and green energy expected to contribute 86% to growth

Ambuja Cements' board of directors had approved the acquisition of 100% stake in Penna Cement at an enterprise value of Rs 10,422 crore in June, expanding the firm's southern footprint

PCIL's strategic location and sufficient limestone reserves provide an opportunity to increase cement capacity through debottlenecking and additional investment

As per media reports, Adani Group was evaluating multiple cement companies like Penna Cement, Saurashtra Cement, JP Associates' cement business & Vadraj Cement for acquisition.

Adani Cement is the second-largest cement producer in India after UltraTech Cement and is looking to capture one-fifth of the domestic cement market by FY28

The IPO includes fresh issue of Rs 1,300 crore and anoffer for sale of up to Rs 250 crore by its promoter PR Cement Holdings, which currently holds 33.41% stake in the company

The proposed IPO consists of a fresh issue of up to Rs 1,300 crore and an offer for sale of up to Rs 250 crore by company's promoter PR Cement Holdings Limited