NCLT greenlights Ambuja Cements' merger with its arm Sanghi Industries

The Adani Group-promoted Ambuja Cements on Monday said that the National Company Law Tribunal (NCLT) has approved its merger scheme with its subsidiary Sanghi Industries.

 

"After analysing the scheme in detail, this Tribunal is of the considered view that the scheme as contemplated between the companies seems to be prima facie beneficial to the companies and will not be in any way detrimental to the interest of the shareholders and the creditors of the Companies," the Ahmedabad Bench of NCLT said in its order.

 

The approval comes after Ambuja Cements, in 2023, completed the acquisition of Sanghi Industries at an enterprise value of ₹5,185 crore. Following this, the company in December 2024 announced an amalgamation of its two subsidiaries, Sanghi Industries and Penna Cement Industries, with itself. It had acquired Penna Cement in 2024.

 

The move, it said, aims at enhancing shareholder value, streamlining the organisation structure and simplifying compliance requirements for effective governance. It added that after the amalgamation, the company will issue 12 equity shares of ₹2 face value for every 100 equity shares held in Sanghi Industries. As a result, Sanghi Industries' shareholders will become shareholders of Ambuja Cements.

 

SIL has a clinker capacity of 6.6 million tonnes per annum (MTPA), cement capacity of 6.1 MTPA, and limestone reserves of one billion tonnes. The move is part of Adani Group's broader effort to consolidate all its cement operations under a single entity. As of December 2025, Ambuja's cement capacity stood at 109 MTPA.

 

Ambuja Cements shares ended Monday’s session at ₹542.15 each on the BSE, ahead of the merger approval.