Penna acquisition could be 1st among many M&As for Ambuja Cements: Analysts

We believe that further acquisitions are indeed possible considering Ambuja Cement's strong balance sheet, said analysts

Ambuja Cements Penna Cement acquisition: Adani group firm, Ambuja Cements' approval to acquire Hyderabad-based Penna Cement could likely be the company's first step towards a wider inorganic expansion, believe analysts.

Citing media reports, analysts at Nuvama Institutional Equity said the Adani group is preparing a war chest of roughly $3 billion to acquire multiple cement companies in its quest to become a leader in the cement space over the next three–four years.

The probable companies mentioned in reports are Saurashtra Cement, Vadraj Cement, and the cement business of Jaiprakash Associates.

"We believe that further acquisitions