Ambuja Cement bags 24 limestones mines in FY24

AdaniGroup firm Ambuja Cements  https://www.ambujacement.com/ which is aggressively pushing for expansion, has won 24 nids for new linmestone mines estimated to have a total resources of 587 millions tonnes of limestone, according to the company's annual report. This is in addition to 1 billion tonnes of reserve of Sanghi Industries, a Saurashtra based company which billionare Gautam Adani owned  firm acquried last November at an enterprise value of rs 5,185 crore. The Adani group has an ambition to have a capacity of 140 MTPA by 2028. It has sufficient cash to reach there through a combination of brownfield expansion and acquisitions. Adani Group announced the acquisition of Hyderabad  based Penna  Cement https://www.pennacement.com/ at an enterprise value of rs 10,422 crore which will add 14 MTPA to growth-hungry  ACL taking its total capacity to 89 MTPA. Over the Indian cement industry,ACL said it is the second largest producer globally, and in FY 2022-2023, the Indian cement market reached a substantial size of 397 MTPA, helped by robust growth in the housing sector and ongoing investments in infrastructure development. For the finanical year ended on March 31,2024,ACL's consolidated revenue from opertaions,which includes ACC also, was at 33,159 crore. 

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