Gautam Adani's family has invested Rs 6,661 crore into Ambuja Cements. By this, the family's stake in the firm has increased by 3.6% to 66.7%, as per a regulatory filing. So far, the promoters have infused Rs 11,661 crore into Ambuja Cements.
"This infusion of funds provides Ambuja capital flexibility for fast-tracked growth, capital management initiatives and best-in-class balance sheet strength. It is not only the testament to steadfast belief in our vision and business model but also reinforces our commitment to delivering long-term sustainable value creation to our stakeholders,” said Ajay Kapur, Whole Time Director and CEO, Ambuja Cement
Ambuja Cements while calling it a strategic move underscoring the promoters’ unwavering commitment to have robust capital management for the portfolio companies also said that this was a commitment by the Adani family to boost future prospects and potential of the cement vertical.
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The firm further mentioned that the investment will strengthen the company’s financial position and allow it to pursue its growth plans and capitalise on emerging opportunities. The newly invested funds will be used to achieve the capacity of 140 million tonnes per annum by 2028 by the cement vertical.
The fund will also used the fund to fuel strategic initiatives such as debottlenecking capex to enhance operational capabilities to ensure scalability, as well as bringing efficiencies across resources, supply chain. Driving innovation, product enhancement are some of the other avenues that the fund will be utilised for.
Meanwhile, the shares of Ambuja Cements went up over 2% during the intraday trading at Rs 615 a piece.