New Delhi, Aug 3 (PTI) Ambuja Cement on Thursday announced acquisition of Sanghi Industries at an enterprise value of Rs 5,000 crore.

In a statement, it said the acquisition will be fully funded through internal accruals.

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Sanghi Industries Ltd (SIL) has a clinker capacity of 6.6 MTPA (million tonne per annum), cement capacity of 6.1 MTPA and limestone reserves of 1 billion tonne.

SIL's Sanghipuram unit is India's largest single-location cement and clinker unit by capacity, with a captive jetty and captive power plant.

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With this acquisition, Ambuja Cement's capacity will increase to 73.6 MTPA. Ambuja's goal of 140 MTPA capacity by 2028 will be achieved ahead of time, it said.

"Our aim is to make SIL the lowest cost producer of clinker in the country. Ambuja will increase the cement capacity at Sanghipuram to 15 MTPA in the next two years," the company said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)