Sanghi Industries Cement: Gautam Adani’s Adani Group is slowly recovering from the impact of the controversial Hindenburg Report earlier this year. Along with this, Adani’s shopping is also slowly picking up pace. Recently Adani group has bought train ticket booking platform Trainman. Now Adani group is preparing to make another big deal.
According to a Reuters report, Adani Group may soon acquire majority stake in Sanghi Industries. In the report, quoting two sources related to the matter, it has been told that talks are going on regarding the proposed deal in Adani Group and Sanghi Industries. Both sides have also reached an agreement. An official announcement regarding this deal can be made soon.
A source told Reuters that Sanghi’s enterprise value has been estimated at $ 729 million i.e. around Rs 6000 crore in the conversation. Going by this, it looks like the deal is almost done. Earlier, Economic Times had told last week that Adani Group is far ahead in the race to acquire Sanghi Industries.
Sanghi Industries Limited is a conglomerate headquartered in Ahmedabad, Gujarat. Its major subsidiaries include Sanghi Cements Limited, Sanghi Threads Limited and Sanghi Filaments Private Limited. Sanghi Industries Limited is recognized as one of the largest cement companies in western India. The company manufactures and sells cement.
Adani group now on number two
The acquisition of Sanghi Industries is important for the Adani group in many respects. Adani group has joined the top race in the cement industry a short time ago. The group has bought Ambuja Cement and ACC from Holcim. After that Adani Group has now reached the second position in the country in terms of cement.
Adani group will get help here
At present, in terms of cement with Ambuja Cement and ACC Limited, Adani Group has a total capacity of more than 65 million tonnes. The group currently has more than a dozen cement manufacturing plants across the country. Aditya Birla Group’s UltraTech Cement is ahead of Adani in the cement sector. Acquisition of Sanghi Industries will help the Adani group to bridge the gap with UltraTech.