Adani-owned Ambuja Cements announced that it has received the approval of National Company Law Tribunal (NCLT), Ahmedabad Bench, for the merger of its subsidiary Sanghi Industries.
In an exchange filing dated February 9, 2026, Ambuja Cements shared the bench’s order approving the merger and comprising all the relevant details pertaining to the scheme of amalgamation.
NCLT clears Ambuja–Sanghi merger
The tribunal, in its order, said, “After analysing the Scheme in detail, this Tribunal is of the considered view that the Scheme as contemplated between the Companies seems to be prima facie beneficial to the Companies and will not be in any way detrimental to the interest of the shareholders and the creditors of the Companies.”
NCLT, in its order, added that the merger scheme was in public interest, as it enhances operational efficiency, consolidates resources, and does not prejudice the rights of shareholders, creditors, or statutory authorities.
“In short, the proposed Scheme provides for Amalgamation, by way Merger, of Sanghi Industries Ltd. (Transferor Company) into Ambuja Cements Ltd. (Transferee Company) and their respective Shareholders and Creditors effect from the Appointed Date of 01.04.2024,” NCLT said in its order.
Acquisition details and merger structure
In December 2023, Adani Group-owned Ambuja Cements (ACL) acquired Sanghi Industries (SIL) at an enterprise value of Rs 5,185 crore.
The acquisition was funded entirely through internal accruals, with Ambuja Cements holding a controlling stake of 54.51 per cent in SIL.
Then, a year later, in December 2024, Ambuja Cements announced the merger of its subsidiaries Sanghi Industries (SIL) and Penna Cement Industries (PCIL) with itself.
The cement manufacturer had announced that it will issue 12 equity shares of the face value of Rs 2 each for every 100 equity shares of SIL of face value Rs 10 each, as recommended by the valuers and accepted by the Board, and thereby, the eligible shareholders of SIL will become the shareholders of Ambuja Cements.
Adani Group-owned Ambuja Cements on Tuesday announced the merger of its subsidiaries Sanghi Industries Limited (SIL) and Penna Cement Industries Limited (PCIL) with itself. In a regulatory filing, the company said that it has entered into a scheme of arrangement with the two aforementioned companies, and the proposed schemes inter alia provide for the amalgamation of SIL and PCIL with Ambuja Cements.
Ambuja Cement: Share Price
The share price of Ambuja Cement was up over 2% from its previous close. Over the past five trading sessions the company’s stock has delivered a return of nearly 3%. Over the past one year the company’s stock has climbed 7%.