MUMBAI: Indian billionaire Gautam Adani’s Ambuja Cements Ltd will buy a majority stake in Sanghi Industries Ltd as the tycoon’s ports-to-power conglomerate looks to expand cement operations across the South Asian nation, according to people familiar with the matter.
The acquisition by Ambuja is likely to be announced as soon as Wednesday, two of the people said, asking not to be identified as the information is private. Ambuja will probably buy out the owners of Sanghi, with the deal giving the company a roughly 50 billion rupees ($606 million) enterprise value, according to the people. Adani Group and Sanghi didn’t immediately respond to requests for comment.
