Ambuja Cements forms three subsidiaries to enhance aircraft and cement business

Ambuja Cements Q2 FY24 Results: Consolidated PAT Rises to Rs. 792.96 Cr

Ambuja Cements Limited, a prominent member of the Adani Group, has made significant strides in expanding its business horizons. On September 22, the company officially announced its acquisition of three wholly-owned subsidiary companies: Lotis IFSC Private Limited, Ambuja Concrete North Private Limited, and Ambuja Concrete West Private Limited. This strategic move signifies Ambuja Cements’ commitment to enhancing its presence in both the aircraft and cement sectors.

Ambuja Cements Diversification into Aircraft Ventures

Ambuja Cements Limited is set to soar in the aviation industry with the establishment of Lotis IFSC Private Limited, its wholly-owned subsidiary. Lotis IFSC is poised to engage in aircraft ownership and leasing activities, opening up exciting opportunities in the aviation sector.

Cement Sector Expansion

In a bid to strengthen its foothold in the cement sector, Ambuja Cements Limited has introduced two subsidiary companies: Ambuja Concrete North Private Limited and Ambuja Concrete West Private Limited. These subsidiaries have been incorporated with the primary objective of manufacturing and trading in cement, ready-mix concrete (RMX), and related products and by-products.

It’s important to note that all three of Ambuja Cements Limited’s wholly-owned subsidiaries are in their initial stages and are yet to commence business operations, as indicated in the stock exchange filing.

Ambuja Cements Financial Details

According to the filing, Lotis IFSC Private Limited boasts an authorized and paid-up share capital of Rs 1.7 crore, comprising 1,700,000 equity shares at a value of Rs 10 each. On the other hand, both Ambuja Concrete North Private Limited and Ambuja Concrete West Private Limited have an authorized and paid-up share capital of Rs 1 lakh, consisting of 10,000 equity shares priced at Rs 10 each.

Strategic Locations

Lotis IFSC Private Limited and Ambuja Concrete North Private Limited have been established in the thriving environment of GIFT City, Gandhinagar, Gujarat. Both companies were officially registered on September 14, 2023. Similarly, Ambuja Concrete West Private Limited, also situated in GIFT City, Gandhinagar, Gujarat, was incorporated and registered on September 18, 2023.

Ambuja Cements Growing Portfolio

Ambuja Cements Limited holds a remarkable 100 percent equity stake in all three of these wholly-owned subsidiaries, underlining its commitment to nurturing their growth and success.

Ambuja Cements Recent Developments

In recent news, Ambuja Cements made waves by announcing its open offer to acquire a 26 percent equity stake from the public shareholders of Gujarat-based cement manufacturer Sanghi Industries. This open offer, set to kick off on September 29, will see Ambuja Cements acquiring 26 percent equity shares, each valued at Rs 10, from public shareholders at a price of Rs 114.22 per share. The offer is estimated to be valued at a substantial Rs 767.16 crore. If fully subscribed, Ambuja Cements will become the majority stakeholder with 82.74 percent ownership in Sanghi Industries Ltd. This comes after Ambuja Cements’ previous acquisition of a 56.74 percent stake in Sanghi Industries from its existing promoter group, Ravi Sanghi & family.

Financial Snapshot

In the first quarter of FY24, Ambuja Cement reported a net profit of Rs 645 crore. While this represents a decrease of 38 percent compared to the previous year, it’s important to recognize that Ambuja Cements is actively pursuing strategic initiatives to bolster its position in various sectors, setting the stage for future growth and success.

About Ambuja Cements:

Ambuja Cements Limited, previously recognized as Gujarat Ambuja Cement Limited, stands as a prominent Indian cement manufacturer. The company actively markets cement and clinker in both domestic and international markets.

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