Adani Group Buys Penna Cement For $1.2 Billion Enterprise Value

Ambuja Cements Ltd., owned by Adani Group, has signed a binding agreement to acquire Penna Cement Industries at an enterprise value of 104.2 billion rupees ($1.2 billion) as billionaire Gautam Adani’s conglomerate returns to capital spending.

Ambuja will buy Penna — a smaller rival with operations in peninsular India and Sri Lanka — through internal accruals and expects to complete the acquisition within four months, according to filings on Thursday.