Ahmedabad, Aug 3: Sanghi Industries Ltd (SIL), one of the leading cement manufacturers of Western India, today announced that it has signed a share purchase agreement with Ambuja Cements Ltd (ACL), the cement and building material company of Adani Cement and part of the diversified Adani Group, to sell 56.74% promoter shareholding for an enterprise value of Rs 5,000 crore. ACL will acquire shares of SIL from the existing promoter group.
Commenting on the transaction, Ravi Sanghi, Chairman and Managing Director, Sanghi Industries Limited, said, “We are optimistic about the acquisition by Ambuja Cements, recognising it as a mutually beneficial opportunity for both the shareholders. With pride in the exceptional assets developed at Sanghipuram, the combination of the two holds the potential to establish the world’s largest clinker manufacturing complex. This strategic collaboration stands to propel growth and innovation, creating a formidable force in the cement industry, and enhancing value for all stakeholders involved.”
SIL operates India’s largest single-location cement and clinker plant by capacity at Sanghipuram in Kutch district, Gujarat. With 2,700 hectares of land, the integrated manufacturing facility has two kilns with a clinker production capacity of 6.6 MTPA and a cement grinding unit with a capacity of 6.1 MTPA. It has a captive power plant of 130 MW and a Waste Heat Recovery System of 13 MW. The unit is also connected with a captive jetty at Sanghipuram.
SIL also has a bulk cement terminal each at Navlakhi Port in Gujarat and Dharamtar Port in Maharashtra. Most of the cement is transported through the sea route, which is environment-friendly and cost competitive. SIL has a network of 850 dealers, with market presence in Gujarat, Madhya Pradesh, Rajasthan, Maharashtra and Kerala.