Ahmedabad, April 15: In a bid to enhance coastal footprint across southern markets, the Adani Group’s building material company Ambuja Cements on Monday announced to acquire My Home Group's 1.5 MTPA (million tonnes per annum) cement grinding unit in Tuticorin, Tamil Nadu, for Rs 413.75 crore.

The acquisition, funded through internal accruals, takes Adani Group’s total cement capacity to 78.9 MTPA, the company said in a statement. The plant is spread across 61 acres of land with a long-term fly ash supply agreement for raw material sourcing.  “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,” said Ajay Kapur, CEO–Cement Business, Adani Group. TRAI Recommendations on ‘Regulatory Sandbox’ To Help Startups Develop India-Made Products Says Broadband India Forum.

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, Kapur added. Ambuja Cements said it 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,” the company noted. Furthermore, the limited availability of limestone in Tamil Nadu presents a unique competitive advantage with the coastal movement of clinker from the Sanghipuram Plant ensuring cost-efficient operations. Zerodha Co-Founder Nikhil Kamath Launches Non-Dilutive Grant Agnostic Fund ‘WTFund’ for Young Entrepreneurs.

Ambuja, with its subsidiaries ACC Ltd and Sanghi Industries Ltd, has taken the Adani Group’s cement capacity to 78.9 MTPA with 18 integrated cement manufacturing plants and 19 cement grinding units across the country. Ambuja has recently been recognised as ‘India’s Most Trusted Cement Brand’ by TRA Research in its 'Brand Trust Report, 2024'.

(The above story first appeared on LatestLY on Apr 15, 2024 02:26 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).