Ambuja Cements on Thursday (5 Jaunuary 2023) announced that it has incorporated a wholly owned subsidiary, Ambuja Resources (ARL), with an authorized and paid-up share capital of Rs 1 crore each.
The cement major said that it incorporated ARL for manufacturing of cement & allied product, alternate fuel and power generation.
ARL is incorporated in India and registered with the Registrar of Companies, Gujarat at Ahmedabad on 5 January 2023 and is yet to commence its business operations, said the company.
Ambuja Cements is one of the leading cement companies in India. It is part of the Holcim Group, a global leader in building materials and solutions and active in four business segments: cement, aggregates, ready-mix concrete and solutions & products.
The cement maker's standalone net profit slipped 68.7% to Rs 137.89 crore on 14% increase in net sales to Rs 3,631 crore in Q3 CY22 over Q3 CY21.
Shares of Ambuja Cements rose 0.29% to Rs 526.55 on the BSE.
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