Adani Cements, the holding company of Adani Group’s cement firms, will power 60% of its cement production with renewable energy sources by 2028.
“This ambitious goal will establish us as a front runner in the global arena of sustainable cement production,” Adani Group chairman Gautam Adani said in a social media post on Thursday.
At present, blended cements forms more than 90% of its production. It is produced by recycling waste, fly-ash and slag.
“This significant shift not only enhances the environmental footprint of our cement but also marks a substantial step towards sustainability,” he added.
At present, Ambuja Cements and ACC have a combined installed production capacity of 67 MTPA, which is expected to rise to 100 MTPA by 2025, which would include its acquisition of Sanghi Cement.
In August, Ambuja Cements entered into an agreement to acquire a 56.74% stake in Sanghi Industries at an enterprise value of Rs 5,185 crore.
In September last year, Adani Group had acquired Switzerland-based Holcim Group’s stake in Ambuja Cements and ACC for $6.6 billion. This was hailed as the largest-ever acquisition and India’s largest-ever M&A transaction in the infrastructure and materials space. Holcim, through its subsidiaries, had held a 63.19% stake in Ambuja Cements and a 54.53% in ACC (of which 50.05% was held through Ambuja Cements).
On Thursday, share price of ACC ended up 0.62% at Rs 2,141.65 and that of Ambuja Cements closed up 0.79% at Rs 505.10 on the BSE.