 "Adani Group (Photo: Bloomberg)")
Adani Group’s Ambuja Cements looks to strengthen its South India presence with its latest acquisition. The company had on Thursday announced that it would acquire Hyderabad-based Penna Cement Industries Ltd (PCIL) at an enterprise value of Rs 10,422 crore. Ambuja Cements plans to fund the acquisition through internal accruals.
Top executives from the company told analysts that the acquisition will help them enter new markets like Sri Lanka and address under-supply issues for the South market in India.
Outlining their South India market strategy, Ajay Kapur, chief executive officer (CEO) for Ambuja Cements, on a call with
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