In an additional investment, the billionaire family of Gautam Adani infused Rs 8,339 crore into Ambuja Cements, raising its stake in the company to 70.3 per cent, to help the cement maker’s manufacturing capacity.

Last month, it infused Rs 6,661 crore into the cement company raising their stake in the company by 3.6 to 66.7 per cent.

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The Adani family previously invested Rs 5,000 crore in the company on October 18, 2022. Now, their total investment has reached Rs 20,000 crore through the planned infusion.

“The promoters of the company – the Adani family – have fully subscribed to the warrants program in the company by further infusing Rs 8,339 crore, thereby infusing a total amount of Rs 20,000 crore,” the company said in a statement.

In all, its holding in Ambuja Cement has increased from 63.2 to 70.3 per cent.

The fund infusion will help Ambuja accelerate its growth ambitions to almost double its existing capacity to 140 million tonnes per annum by 2028 from 76.1 million tonnes as of December 31.

“With this, promoters have further strengthened Ambuja post-acquisition, giving Ambuja capital flexibility for accelerated growth, capital management initiatives, and best-in-class balance sheet strength to accomplish its various strategic initiatives,” the statement said.

“The additional investment will fortify the company’s financial position, providing it with enhanced capabilities to pursue its ambitious growth plans and capitalise on emerging opportunities in the market,” it added.

On the development, the Ambuja Cement said the funds infusion would also enable various strategic initiatives, including debottlenecking capex, to enhance operational performance, as well as bring efficiencies across resources and supply chain.

It shall also drive innovation and product enhancement through advanced technology integration for better service offerings to tap the growing requirements of the sector driven by the growth in the Indian economy, it said.

“We are thrilled to announce the completion of the Adani family’s primary infusion of Rs 20,000 crore in Ambuja,” said Ajay Kapur, CEO of Ambuja Cements Ltd.

“This infusion of funds provides Ambuja, capital flexibility for fast-tracked growth, capital management initiatives, and best-in-class balance sheet strength. It is not only a testament to a steadfast belief in our vision and business model but also reinforces our commitment to delivering long-term sustainable value creation to our stakeholders, and this shall propel us towards setting new benchmarks, accelerating our growth, and continuing to deliver on operational excellence, business synergies, and cost leadership.”