Thursday, May 23 2024 | Time 05:12 Hrs(IST)
image
Business Economy


Ambuja Cements signs definitive agreement to acquire 1.5 MTPA Grinding Unit at Tuticorin

Kolkata, Apr 15 (UNI) Ambuja Cements, the cement and building material company of the diversified Adani Portfolio, has signed definitive agreement to acquire My Home Group's 1.5 MTPA Cement Grinding Unit in Tuticorin, Tamil Nadu.
The acquisition estimated at a total value of Rs. 413.75 Crores through internal accruals will aid in enhancing the coastal footprint across southern markets of Tamil Nadu and Kerela. The total cement capacity of Adani Group stands at 78.9 MTPA, according to a media statement on Monday.
The asset spread across 61 acres of land, conveniently located near the Tuticorin Port with a long-term fly ash agreement will be value accretive from the beginning. Ambuja Cements will leverage the coastal footprint and state-of-the-art marine infrastructure and equipment, ensuring that the best quality products are delivered.
This acquisition provides access to the southern market customers with an opportunity to experience and instil their trust in one of the most iconic and trusted brands – Ambuja Cement. 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.
Ajay Kapur, CEO – Cement Business, Adani Group, said, "We are glad to announce this acquisition, strengthening our foothold in the region and aligning perfectly with our commitment to delivering high-quality products and services to our customers. In addition to the infrastructure and geographical advantages, Ambuja Cements will also inherit the existing dealer network and retain current employees, facilitating a smooth transition and enabling the rapid ramp-up of utilisation.”
UNI SJC KK
More News

GRSE clocks Rs 1,016 Cr revenue from operation in Q4 FY24

22 May 2024 | 8:39 PM

Kolkata, May 22 (UNI) Garden Reach Shipbuilders & Engineers Limited (GRSE), one of the leading warship builders in the country, has clocked revenue from operation of Rs 1,016 Crore in Q4 FY24 as against Rs 601 Crore of previous year registering a growth of 69 percent.

see more..

L& T Finance launches Complete Home Loan in Chennai

22 May 2024 | 8:26 PM

Chennai, May 22 (UNI) L and T Finance Ltd. (LTF), one of the leading retail financiers,
on Wednesday launched ‘The Complete Home Loan’ for the customers of Chennai to
fullfil their dream of owning a home.

see more..

Nykaa profit surges 300 pc to Rs 9 07 crore in Q4

22 May 2024 | 8:24 PM

New Delhi, May 22 (UNI) FSN E-Commerce Ventures which operates fashion and beauty retail brand Nykaa on Wednesday reported nearly 300% year-on-year rise in profit at Rs 9.07 crore in January-March quarter (Q4) of the financial year 2023-24.

see more..

dSPACE opens Asia’s first global Competence Centre in Kerala capital

22 May 2024 | 8:21 PM

Thiruvananthapuram, May 22 (UNI) Global technology leader for simulation and validation solutions dSPACE, which provides critical solutions to auto majors across the world, opened its first global competence centre in Asia, in the city today, reflecting on the emergence of Kerala as a highly vibrant ecosystem for cutting-edge technology ventures.

see more..

Software testing conclave held at Technopark

22 May 2024 | 8:20 PM

Thiruvananthapuram, May 22 (UNI) The technical forum of Prathidhwani, the welfare and recreation forum of IT employees at Technopark, in association with software company DCKAP QA Touch conducted a conference on software testing in Technopark here on Wednesday.

see more..
image