Adani Group's Ambuja Cements approves merger with Adani Cementation

Adani Group-owned Ambuja Cements' board on Thursday approved merging with Adani Cementation Limited, a subsidiary of Adani Enterprises. Under this merger, Adani Enterprises will get 8.7 million shares of Ambuja Cements. Ambuja Cements recently said it will acquire a 100% stake in Penna Cement Industries for an enterprise value of ₹10,422 crore.