Gautam Adani Group plans to sell stake in its cement business to reduce debt. The Financial Times quoted sources as saying that the Adani group wants to sell a 4-5 per cent stake in Ambuja Cement as part of an international deal. There is a plan to raise $450 million by selling this stake. However, information has not been officially given by the Adani group.
Acquired last year: Let us tell you that in the year 2022 itself, Adani Group had completed the acquisition of Ambuja Cement and ACC Limited from Swiss company Holcim. This was the biggest acquisition of Adani Group. After this, Adani Group now holds 63.15 percent stake in Ambuja Cements and 56.69 percent in ACC. The total value of this acquisition is $6.50 billion.
Second largest producer: After this acquisition, Adani Group has become the second largest cement producer in the country. At present, Ambuja Cement and ACC have a combined installed capacity of 67.5 million tonnes per annum.
However, this news of selling stake in the cement business has come at a time when many questions are being raised regarding the debt of the Adani group. The huge debt on the Adani group was also mentioned in the report of American short seller firm Hindenburg.
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