The company already holds 45% stake in Asian Concretes and with this acquisition, the latter has become a wholly-owned subsidiary of ACC.

Asian Concretes has 1.3 MTPA cement capacity in Nalagarh (Himachal Pradesh), while its subsidiary Asian Fine Cements (AFCPL) has 1.5 MTPA cement capacity in Rajpura (Punjab). The entire acquisition is funded through internal accruals and will help ACC & its parent company Ambuja to further bolster market leadership in the lucrative North India market.

Ajay Kapur, WTD and CEO, ACC, expressed, "With this acquisition, we are furthering our growth trajectory, enriching our portfolio, and continuing to accelerate our journey towards value creation for all our stakeholders.

This strategic move enhances ACC's cement capacity and progress on overall target of 140 MTPA capacity of Adani’s Cement Business by 2028. While ACC has an existing tolling arrangement with the Nalagarh unit, Rajpura plant’s additional 1.5 MTPA capacity will strategically cater to a vast customer base across three states – Himachal Pradesh, Haryana, and Punjab. Notably, ACC and Ambuja Cements possess sufficient clinker to support the Rajpura plant, inclusive of its future expansions.

This acquisition reinforces Ambuja and ACC’s market leadership, elevating Adani Group’s overall cement capacity to 77.40 MTPA. With ongoing and planned CAPEX investments, the Adani Group's cement capacity is poised to reach 106 MTPA by FY 2026.

ACC is a part of Adani Cement and one of India's leading producers of cement and ready-mix concrete. ACC has 16 cement manufacturing sites, over 85 concrete plants and a nationwide network of channel partners to serve its customers.

The company had reported a consolidated net profit of Rs 387.88 crore in Q2 FY24 as compared with a net loss of Rs 87.32 crore in Q2 FY23. Revenue from operations increased 11.22% year on year (YoY) to Rs 4,434.73 crore in the quarter ended 30 September 2023.

The scrip fell 1.18% to currently trade at Rs 2349.30 on the BSE.