Ambuja Cements, the leading Adani Group company, announced the acquisition of 100 per cent stake in Penna Cement Industries Ltd (PCIL) for an enterprise value of Rs 10,422 crore, as the cement and building material major aims to reach its target capacity of 140 MTPA (million tonnes per annum) by 2028.

Ambuja Cements would acquire the 100 per cent stake from Hyderabad-based PCIL promoter group P. Pratap Reddy and family.

The acquisition, to be funded by internal accruals, will improve Adani Cement’s market share pan-India by 2 per cent and by 8 per cent in south India.