Adani Explores Cement!
2 min read
According to Bloomberg Billionaire Index, Gautam Adani has seen the fastest rise in his personal wealth in the world, which went over $43 billion in just the first 6 months of 2021. The port to power conglomerate is all set to explore the new industry, Cement Industry.
Adani Enterprises on 11th June 2021 incorporated a new wholly-owned subsidiary – Adani Cement Industry, registers with the registrar in Gujarat. The company has an authorized share capital of Rs. 10 lakhs and the paid-up capital is Rs. 5 lakhs. The company has no business and turnover as of now, but it will operate as a manufacturer, producer, and processor of cement.
This comes after Central Government’s Push to revive the capital expenditure which directly impacts the cement industry. The investment in the cement industry brings out confidence in the infrastructure industry of India which has been heavily impacted due to COVID. Earlier this year Adani Enterprises incorporated Adani Copper to take advantage of Global Boom in copper demand post the re-opening of economies around the world. It will be interesting to see if Adani Cement Industry also goes on an acquisition spree like other Adani businesses, taking advantage of distressed valuation of performing assets during a pandemic.
Will Adani Cement be the next billion-dollar company of Adani Group?
