
The deal, which is still under evaluation, has yet to be formally confirmed, though sources indicate that Adani Group has enlisted consultancy firm EY to assess the transaction, according to a Moneycontrol report.
Star Cement however said the media report was speculative and it was not engaged in any discussions for acquisition.
The shares of the company ended at Rs 207.90 at close of trade on Wednesday, up 5.99% from the previous day’s close.
Star Cement, the dominant player in the North East cement market, boasts an installed capacity of 7.7 million tonnes per annum (mtpa), with an integrated plant in Meghalaya and four additional grinding units. The company has plans to expand its production capacity to 25 mtpa by 2030.
Ambuja Cement, a unit of the Adani Group, has been actively looking to grow its presence in key regions, and acquiring Star Cement would help it strengthen its footprint in the growing North Eastern market. The acquisition would align with Ambuja’s ongoing strategy to expand its domestic market share, especially in the cement-rich and expanding Eastern regions of India.Also read | Honasa Consumer shares rally 10% after co-founder Varun Alagh hikes stake in co
Ambuja Cements completed its acquisition of Penna Cement Industries in August this year at an enterprise value of Rs 10,422 crore, bolstering its capacity and market presence, particularly in southern India.
This acquisition aligned with Ambuja Cementβs ambitious goal of reaching a cement production capacity of 140 million tonnes per annum (MTPA) by 2028, further establishing its position as a leading player in Indiaβs cement industry.
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