Adani Expands Indian Cement Empire With Sanghi Buyout Deal (1)

Ambuja Cements Ltd., owned by Indian billionaire Gautam Adani, bought a majority stake in Sanghi Industries Ltd. as the tycoon expands his conglomerate’s cement operations.

Ambuja will purchase 56.74% of Sanghi from its controlling family, the company said in a stock exchange filing on Thursday. The acquisition of Sanghi has a 50 billion rupees ($605 million) enterprise value and will be fully funded through internal accruals, Ambuja said in the statement. It also triggered an open offer for 26% more of the company at 114.2 rupees per share,

The deal is expected to aid Adani Group’s plans ...