Ambuja Cements, in an exchange filing on Thursday, revealed that the family of Indian billionaire Gautam Adani has raised its stake in the building materials company by injecting 66.61 billion rupees ($799.05 million) in equity.
This investment follows a previous infusion of Rs 5,000 crore by the Adani family through warrants in October 2022. Since assuming control of Ambuja from Holcim, the promoters have injected a total of Rs 11,661 crore into the company.
According to the company statement, this funding will play a crucial role in expanding the group’s cement capacity to 140 million tonnes per annum by 2028.
It will also support strategic initiatives such as debottlenecking capital expenditure to enhance operational capabilities, ensure scalability, and improve efficiencies across resources and the supply chain, Ambuja Cements stated in a regulatory filing.
