Ambuja Cements Limited announced today that it has completed the acquisition of Penna Cement Industries Limited (PCIL). The acquisition, which was first approved by Ambuja’s Board of Directors on June 13, 2024, involves a 100 per cent stake in PCIL.
The shares of Ambuja Cements Limited were trading at ₹627, up by ₹7.80 or (0.66 per cent) on NSE at 2.54 pm today.
PCIL has become a subsidiary of Ambuja Cements with effect from today. This marks the finalisation of the binding agreement entered into earlier this year.
The acquisition of PCIL is expected to strengthen Ambuja’s position in the cement industry, though specific details about the impact on operations or financials were not disclosed in the announcement.