Gautam Adani.
Credit: Reuters Photo
Bengaluru: Gautam Adani's family infused around Rs Rs 6,662 crore in Ambuja Cements, raising its stake to about 67 per cent from 63.15 per cent, to help ramp up the cement maker's manufacturing capacity.
The family has raised its stake by converting warrants into shares, Ambuja said in an exchange filing on Thursday.
The Adani family expects the cement maker to increase its manufacturing capacity to 140 million tonnes per annum (MTPA) by 2028, from 76.1 MTPA as of Dec. 31.
"This infusion of funds provides Ambuja capital flexibility for fast-tracked growth, capital management initiatives," Ajay Kapur, CEO of Ambuja Cements, said in a statement.
In 2022, the Adani group entered the cement sector with a Rs 87,555 crore deal to buy Ambuja and ACC from Swiss giant Holcim.