Ambuja Cement acquired by Adani Group has finalised an agreement to acquire Sanghi Cements after the negotiations moved forward over the course of the past one week and the Adani group companies proposed better acquisition terms and speedy deal closure, according to the people aware of the matter.
Ambuja-ACC and JK Lakshmi Cement were in a race to acquire Ahmedabad-based Sanghi Cement.
The sources have informed that the Adani group has closed the deal on the expected enterprise value of Rs 6,000 crore, which was demanded by the Sanghi Cement promoters for the sale of the company. The enterprise value also includes debt of around Rs 2,000 crore.
“The deal has been signed and an announcement is expected shortly,” said the person who briefed on the deal negotiations between two companies.
Ambuja-ACC, JK Lakshmi Cement, and UltraTech are the top 3 cement players in Gujarat from where Sanghi Cement also derives a bulk of its revenues.
Sanghi Cement is controlled by the family of Ravi Singh who are the promoters of the listed Sanghi Industries, which hit a 52-week high of Rs 100.40 on Wednesday, registering the market capital of Rs 2600 crore.
