India: Following the news of Adani s multiple acquisition of cement companies, more details have come to light regarding the acquisition of Penna Cement. Adani-owned Ambuja Cement has signed an agreement to acquire Penna Cement Industries (PCIL) for US$1.2bn, aiming to reach a production capacity of 140Mt/yr by 2028. This acquisition adds 14Mt/yr to Adani Cement s total capacity, bringing it to 89Mt/yr, and expands Ambuja s market presence in southern India. The purchase will be fully funded through internal accruals. Ambuja Cement CEO Ajay Kapur said "PCIL s strategic location and sufficient limestone reserves provide an opportunity to increase cement capacity through debottlenecking and additional investment. Importantly, the bulk cement terminals will prove to be a game changer by giving access to the eastern and southern parts of peninsular India, apart from an entry to Sri Lanka, through the sea route." /Global Cement