Karan Adani will join the board of this company, planning to raise 20 thousand crores

Ambuja Cements had held the EGM (Extraordinary General Meeting) last month, in which a big announcement was made related to the company. In this, it was announced to raise 20 thousand crore rupees from Adani Group firm for Ambuja Cement. Apart from this, it was proposed to include Gautam Adani, Karan Adani and two directors in the board of Ambuja Cement. On Saturday, October 8, the shareholders have approved all the proposals placed in the EGM.

Karan Adani to join the board of Ambuja Cement

Now along with Gautam Adani, his son Karan Adani will also join the board of Ambuja Cement. Not only this, two other directors will also join the board of Ambuja Cement. In addition, the shareholders have also approved the proposal to appoint 4 independent directors on the Board of Directors of Ambuja Cements.

The company will raise 20 thousand crores

In the EGM, approval was sought from the Adani Group firm to raise Rs 20 thousand crore for Ambuja Cements. After getting approval from the shareholders, Ambuja Cements will now raise Rs 20 thousand crore from Adani Group firm Harmonia Trade and Investment Limited by issuing security on preferential basis. This proposal of Adani Group has been supported by 91.37 percent shareholders and voted in favor of it. Adani Group Chairman Gautam Adani was not present when the EGM of Ambuja Cements took place. His son Karan Adani presided over the meeting.

Recently completed acquisition of Ambuja Cements and ACC

Adani Group had last month announced the completion of the acquisition of Ambuja Cements and ACC Cements. Adani Group has acquired a controlling stake in Switzerland’s Holcim Group’s India cement business for $10.5 billion (about Rs 81,361 crore). Adani Group acquired 63.19 per cent stake in Ambuja Cements Ltd. and its subsidiary ACC Cement in an overwhelming bid. Ambuja and ACC have a cement production capacity of at least 70 million tonnes per annum, second only to Ultratech Cement with 120 million tonnes capacity.

Now Adani is about to buy another cement company

After buying Ambuja Cement and ACC Cement, Gautam Adani is now looking to buy the cement business of Jai Prakash Associates. According to Bloomberg’s report, this deal can be done for about 50 billion rupees i.e. about 606 million dollars. This acquisition can be done on behalf of the recently acquired cement companies instead of Adani Group.

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