Page 14 - CV Aug-Sep 2023 Issue

ADANI TO CONTINUE USING ACC, AMBUJA BRANDS
'NO PLANS TO MERGE' CEMENT UNITS

dani Group will continue to use merger between the two companies. Kapur said, pointing to efforts to bring
its ACC and Ambuja cement "No disruption is expected in the usage of down production costs by streamlining
Abrands to sell cement products these legacy brands," added Kapur. manufacturing and logistics processes.
and has no plans to merge the two Shares of the two companies were, ACC is looking to add 16 million tonnes
entities, Ajay Kapur, chief executive however, still trading lower than their of new capacity in the next two to five
officer of both cement companies, said at January levels after a U.S. short-seller years as India's cement demand is seen
an annual shareholder meeting. report battered shares of Adani group growing at 7-8%, Kapur added.
companies. The company's new plant in Ametha in
The group became India's second-largest the central Indian state of Madhya
cement producer in 2022, behind Ambuja and ACC were down 15.7% and Pradesh is expected to start operations
UltraTech Cement, with its $10.5 billion 23% so far, respectively, since soon. The expansion is part of the
acquisition of both Ambuja Cements and Hindenburg disclosed its short positions. Adani Group's previously announced
ACC from Switzerland's Holcim. "We are looking to improve the cement plans to double its overall cement
Media reports had said earlier this year business's EBITDA margins by 400-450 production capacity over five years.
that the Adani Group was exploring a rupees per ton over the next 24 months,"

CONSTRUCTION VISION 12 AUGUST - SEPTEMBER 2023