Ambuja buys 85% stake in Dang Cement

Ambuja Cements said it has acquired 85 per cent stake in Nepal's Dang Cement Industries.

Ambuja Cements said it has acquired 85 per cent stake in Nepal’s Dang Cement Industries for Rs 19.13 crore.

In a stock exchange filing,the domestic cement maker said it was also in the process to acquire an additional 5 per cent stake in the Nepalese firm for Rs 1.13 crore.

Dang Cement Industries holds limestone mining lease in Nepal. Limestone is a key raw material for manufacturing of cement.

Story continues below this ad

“At present,the company (Dang) is not carrying out any business activity,” the Ambuja statement said.

With the acquisition,Dang Cement Industries has become an Ambuja subsidiary.

Swiss major Holcim holds more than 50 per cent stake in Ambuja Cements. The global cement major had in 2006 acquired the management control of Ambuja Cements,founded by Narotam Sekhsaria in 1983 with a partner,Suresh Neotia.

Ambuja Cements currently has 25 million tonne per annum (mtpa) capacity and is in the process of taking it to 27 mtpa within this year.

Story continues below this ad

Holcim also holds majority stake in ACC,which has 27 mtpa installed capacity now. ACC is also increasing its capacity to 30 mtpa.

Ambuja Cements’ scrip today closed at Rs 142.2 a share on Bombay Stock Exchange,down 0.11 per cent over the previous closing.

Tags:
Ambuja Cement

4 minutes, 1 window: How thieves pulled off the quickest-ever heist at Louvre Museum

World3 hr ago

Thieves steal pieces from France's royal crown jewel collection in a daring heist at the Louvre Museum, using a crane to enter and escaping on motorbikes in just four minutes. The incident raises concerns about the museum's security and outdated measures, despite its popularity among millions of visitors.

View all shorts

Live Blog

PHOTOS