MUMBAI/HYDERABAD: Ambuja Cements has agreed to purchase a cement grinding unit in Tamil Nadu from My Home Group for about Rs 414 crore, which can improve its footprint within the southern market. This shall be Ambuja Cements’ third buy after Adani Group turned its proprietor. Its earlier buys have been Sanghi Industries and Asian Concretes and Cements (this was purchased by Ambuja Cements’ subsidiary ACC).
My Home’s cement grinding unit in Tuticorin, Tamil Nadu, with an annual capability of 1.5 million-tonne, will take Ambuja’s whole capability to 78.9 million-tonne, consolidating its place as India’s second-largest participant after Aditya Birla Group’s UltraTech Cement. The deal, Ambuja Cements mentioned, shall be financed by means of inner accruals. It can even retain the unit’s 70 staff, the corporate, helmed by Ajay Kapur, added.
The diversified construction-to-media My Home Group is owned by Hyderabad-based billionaire businessman Jupally Rameswar Rao. Once the sale of the Tamil Nadu unit is concluded, the group shall be left with three cement crops in Telangana and Andhra Pradesh. It produces 11 million-tonne of constructing supplies yearly, which is marketed underneath the Maha Cement model. It runs the cement enterprise in fairness partnership with Irish main CRH.
The group additionally owns TV9 information channels together with Megha Engineering, which hit headlines for being the second greatest purchaser of electoral bonds value Rs 966 crore.
A supply mentioned the group’s determination to promote the Tuticorin unit was pushed primarily by business causes. The unit was not performing properly as it’s positioned removed from the core markets it caters to (like Telangana, Andhra Pradesh and Odisha), thus leading to larger freight prices.
The Tuticorin plant, unfold throughout 61 acres of land, has a long run fly ash provide settlement for uncooked materials sourcing, Ambuja mentioned.
My Home’s cement grinding unit in Tuticorin, Tamil Nadu, with an annual capability of 1.5 million-tonne, will take Ambuja’s whole capability to 78.9 million-tonne, consolidating its place as India’s second-largest participant after Aditya Birla Group’s UltraTech Cement. The deal, Ambuja Cements mentioned, shall be financed by means of inner accruals. It can even retain the unit’s 70 staff, the corporate, helmed by Ajay Kapur, added.
The diversified construction-to-media My Home Group is owned by Hyderabad-based billionaire businessman Jupally Rameswar Rao. Once the sale of the Tamil Nadu unit is concluded, the group shall be left with three cement crops in Telangana and Andhra Pradesh. It produces 11 million-tonne of constructing supplies yearly, which is marketed underneath the Maha Cement model. It runs the cement enterprise in fairness partnership with Irish main CRH.
The group additionally owns TV9 information channels together with Megha Engineering, which hit headlines for being the second greatest purchaser of electoral bonds value Rs 966 crore.
A supply mentioned the group’s determination to promote the Tuticorin unit was pushed primarily by business causes. The unit was not performing properly as it’s positioned removed from the core markets it caters to (like Telangana, Andhra Pradesh and Odisha), thus leading to larger freight prices.
The Tuticorin plant, unfold throughout 61 acres of land, has a long run fly ash provide settlement for uncooked materials sourcing, Ambuja mentioned.
