India’s Adani Group buys Penna Cement

Penna IntegratedPlant 1

India’s Adani Group will acquire Penna Cement for Rs 10,422 crore. The deal includes the purchase of 100% shares of Penna Cement Industries Ltd (PCIL) from its current owners, P Pratap Reddy and family. PCIL has an operational cement production capacity of 10.0 Mta from 4 integrated plants (photo) and 2 grinding plants. Within the next 6 to 12 months, the capacity is expanded with 2 grinding units at Krishnapatnam and Jodhpur (each with 2.0 Mta). This acquisition will increase Adani Cement’s market share by 2% across India and by 8% in South India.