Ambuja Cements Limited entered into a binding agreement to acquire Penna Cement Industries Limited from promoter group, P. Pratap Reddy and family for an enterprise value of INR 104 billion.

Ambuja Cements Limited (BSE:500425) entered into a binding agreement to acquire Penna Cement Industries Limited from promoter group, P. Pratap Reddy and family for an enterprise value of INR 104 billion on June 13, 2024. The acquisition will be fully funded through internal accruals. The existing dealers of Penna will move to Adani Cement?s market network to bring in formidable synergy.

Penna Cement Industries Limited reported total revenue of INR 12.41 billion for FY 23-24. The transaction is subject to subject to necessary government / regulatory approvals. The expected completion of the transaction is expected to close within 3-4 months.