MUMBAI/HYDERABAD: Ambuja Cements has agreed to purchase a cement grinding unit in Tamil Nadu from My House Group for about Rs 414 crore, which is able to improve its footprint within the southern market. This will likely be Ambuja Cements’ third buy after Adani Group grew to become its proprietor. Its earlier buys have been Sanghi Industries and Asian Concretes and Cements (this was purchased by Ambuja Cements’ subsidiary ACC).
My House’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, will likely be financed via inner accruals. It would additionally retain the unit’s 70 workers, the corporate, helmed by Ajay Kapur, added.
The diversified construction-to-media My House Group is owned by Hyderabad-based billionaire businessman Jupally Rameswar Rao. As soon as the sale of the Tamil Nadu unit is concluded, the group will likely be left with three cement crops in Telangana and Andhra Pradesh. It produces 11 million-tonne of constructing supplies yearly, which is marketed below 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 price Rs 966 crore.
A supply mentioned the group’s resolution to promote the Tuticorin unit was pushed primarily by industrial causes. The unit was not performing effectively as it’s situated 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 House’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, will likely be financed via inner accruals. It would additionally retain the unit’s 70 workers, the corporate, helmed by Ajay Kapur, added.
The diversified construction-to-media My House Group is owned by Hyderabad-based billionaire businessman Jupally Rameswar Rao. As soon as the sale of the Tamil Nadu unit is concluded, the group will likely be left with three cement crops in Telangana and Andhra Pradesh. It produces 11 million-tonne of constructing supplies yearly, which is marketed below 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 price Rs 966 crore.
A supply mentioned the group’s resolution to promote the Tuticorin unit was pushed primarily by industrial causes. The unit was not performing effectively as it’s situated 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.
