Billionaire Gautam Adani’s family raises Ambuja Cement stake with $799mn infusion

BENGALURU: Indian billionaire Gautam Adani’s family infused 66.61 billion rupees (about $799 million) in Ambuja Cements, raising its stake to about 67% from 63.15%, to help ramp up the cement maker’s manufacturing capacity.

The family has raised its stake by converting warrants into shares, Ambuja said in an exchange filing on Thursday.

The Adani family expects the cement maker to increase its manufacturing capacity to 140 million tonnes per annum (MTPA) by 2028, from 76.1 MTPA as of Dec. 31.

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“This infusion of funds provides Ambuja capital flexibility for fast-tracked growth, capital management initiatives,” Ajay Kapur, CEO of Ambuja Cements, said in a statement.

In 2022, the Adani group entered the cement sector with a $10.5 billion deal to buy Ambuja and ACC from Swiss giant Holcim.