ACC Ltd. has agreed to take over Asian Fine Cements Pvt. by acquiring the remaining 55% stake in the company.
The Adani Group-owned cement maker will pay Rs 426 crore for 55% stake, according to an exchange filing. ACC already holds 45% in Asian Fine Cements.
The deal is expected to be concluded in seven working days, it said. The investment is in line with ACC's strategy to increase its footprint in the cement manufacturing market, according to the filing.
Asian Fine Cements reported a consolidated revenue of Rs 309 crore for the year ended March 2023.
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