Adani Group's Ambuja Cements has incorporated three wholly owned subsidiaries. While two of these subsidiaries will deal in the cement business, one will be involved in the leasing and selling of aircraft.
These subsidiaries are named as LOTIS IFSC Private Limited, Ambuja Concrete North Private Limited, and Ambuja Concrete West Private Limited, the company announced through an exchange filing.
LOTIS IFSC Pvt. Ltd. is a wholly-owned subsidiary of Ambuja Cements. It will be involved in owning and leasing aircraft. The subsidiary has been incorporated with an authorised capital of Rs 1.7 crore. The unit has been inducted in GIFT City, Gandhinagar, according to a CNBCTV18 report.
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The other two subsidiaries incorporated are named Ambuja Concrete North Pvt. Ltd. and Ambuja Concrete West Pvt. Ltd.
Cement, RMX, and other related products and byproducts will continue to be manufactured and sold by Ambuja Concrete North. The company has been incorporated in the Gujarat state.
The same industry will be served by Ambuja Concrete West in addition to Ambuja Concrete North.
Ambuja Cements recently released its annual report, in which it announced aspirations to quadruple cement production with a focus on green cement.
At an enterprise value of Rs 5,000 crore, it purchased a 56.74 percent share in Saurashtra-based Sanghi Industries last month.
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Ambuja Cements will use internal accruals to pay for the transaction. Within the next three to four months, the agreement will be finished.
Furthermore, Ambuja Cements and Sanghi Industries engaged into an inter-corporate deposit arrangement under which Ambuja Cements will give Sanghi an unsecured inter-corporate deposit in the amount of Rs 300 crore in one or more tranches for general corporate purposes.
Ambuja Cements' stock is down 1.4 percent at Rs 419.90.
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