Ambuja Cements’ Ambitious Move: Allocates $723 Million Investment Towards Green Power Generation in India
Indian construction materials manufacturer Ambuja Cements (ABUJ.NS) announced on Monday its plan to invest 60 billion rupees (approximately $723 million) in renewable power projects. The company disclosed in an exchange filing that the internal funding will be directed towards achieving a 1,000-megawatt (MW) capacity through solar and wind power initiatives in Gujarat and Rajasthan. However, specific details regarding the funding process were not provided.
Ambuja Cements, under the ownership of the Adani Group, aims to accomplish the targeted capacity from solar and wind power projects by fiscal 2026. This investment will contribute to its existing capacity of 84 MW. Significantly, these projects are anticipated to elevate the company’s total green power capacity from 19% to an impressive 60%.
In a strategic move earlier this month, Ambuja Cements acquired a majority stake in Sanghi Industries (SNGI.NS) for 51.85 billion rupees. This followed the announcement from its larger competitor, UltraTech Cement (ULTC.NS), which revealed plans to acquire the cement business of Kesoram Industries (KSRM.NS) in an all-stock deal valued at 53.79 billion rupees last month.