Days after completing a $6.5-billion acquisition of Ambuja Cements and ACC, billionaire Gautam Adani said his group has planned to double cement manufacturing capacity and become the most profitable manufacturer in the country.
New Delhi, September 19
Days after completing a $6.5-billion acquisition of Ambuja Cements and ACC, billionaire Gautam Adani said his group has planned to double cement manufacturing capacity and become the most profitable manufacturer in the country.
He saw a multifold rise in cement demand in India on the back of record-breaking economic growth and the government’s infrastructure creation push, which will give significant margin expansion.
In a speech made at an event to mark the completion of the acquisition on September 17, the Adani Group founder and chairman said the ports-to-energy conglomerate has in a single stroke become the second largest cement manufacturer in the country. Adani Group last week completed buyout of Swiss major Holcim’s stake in the two firms.
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