Ambuja Cement bags 24 limestone mines in FY24 with 587 MT estimated output

Adani group firm Ambuja Cements, which is aggressively pushing for expansion, has won 24 bids for new limestone mines estimated to have a total resource of 587 million tonnes of limestone, according to the company's annual report.

This is in addition to 1 billion tonnes of reserve of Sanghi Industries, a Saurashtra-based company which billionaire Gautam Adani-owned firm acquired last November at an enterprise value of Rs 5,185 crore.

"Winning bids for coal and limestone mines is critical to ensure self sufficiency, with coal mines in Dahegaon-Gowari and the existing Gare Palma coal block catering to 40 per cent of Ambuja Cements Ltd (ACL) coal requirements," it said.

The Adani group has an ambition to have a capacity of 140 MTPA (million tonnes per annum) by 2028. It has sufficient cash to reach there through a combination of brownfield expansion and acquisitions.

Earlier this month, Adani Group announced the acquisition of Hyderabad-based Penna Cement at an enterprise value of Rs