Adani group firm Ambuja Cements acquires Penna Cement at valuation of Rs 10,422 crore
New Delhi, June 13: Ambuja Cements, an Adani group firm, on Thursday announced the acquisition of Penna Cement Industries Ltd (PCIL) at an enterprise value of Rs 10,422 crore.
A binding agreement for the acquisition has been signed, which will add 14 MTPA capacity to Adani group, taking the total tally to 89 MTPA (million tonnes per annum).
Ambuja will acquire 100 per cent shares of PCIL from its existing promoter group P Pratap Reddy and family.
PCIL has 14 MTPA capacity in Andhra Pradesh, Telangana, and Rajasthan (under-construction). Besides, it has surplus clinker at Jodhpur plant which will support additional 3 MTPA cement grinding capacity, said a statement.
It will also strengthen Adani group's sea transportation logistics with five bulk cement terminals at Kolkata, Gopalpur, Karaikal, Kochi and Colombo to serve peninsular India, the statement said.
The acquisition will improve Adani group's share in the cement market pan-India by 2 per cent and 8 per cent in south India, it added.
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Karnataka plans 100-acre aqua park to boost fishing sector
Bengaluru: Karnataka is planning to set up a 100-acre integrated aqua park aimed at promoting fishing. The proposed park will offer end-to-end facilities, including fish farming, storage facilities and sports fishing.
According to a report published by Deccan Herald on Sunday, a senior official from the Karnataka Fisheries Department said the aqua park is part of a concept introduced by the Union Ministry of Fisheries, Animal Husbandry and Dairying. The idea is to develop hubs that support the entire fishing value chain from fish seed production and feed to processing and market access.
According to the plan, the aqua park will include nine major facilities like farming of fish food, generating of fish seeds, development of fish seeds, fish farming, cold processing units, development of ornamental fish for aquariums, well-equipped market, fish transport facilities, and sports fishing.
The fisheries department has shortlisted three locations for the project, Byndoor in Udupi, Malavalli in Mandya and Almatti in Bijapur. One of these locations will be finalised based on land availability, after which a Detailed Project Report (DPR) will be prepared and sent to the Union government for approval.
“We have received proposals for three locations. All of them have water bodies close by and hence there is a demand for fishing. However, space is the main criteria. If we are able to get 100 acres, we will go ahead and prepare a detailed project report (DPR) to be submitted to the central ministry,” DH quoted Dinesh Kumar Kaller, director, Karnataka fisheries department as saying.
At Malavalli, near Gaganachukki, around 75 acres of land has been identified and a request has been sent to the Revenue Department. The revenue department has said that the land belongs to the forest department and talks are on. We are also looking at other locations, Kaller reportedly said.
As per the report, at present, only 11 states have an aqua park approved under the Pradhan Mantri Matsya Sampada Yojana (PMMSY) and Karnataka is confident that its proposal would also be accepted soon.
