Gautam Adani Led Firm Ambuja Cements Incorporates Three Wholly Owned Subsidiary Companies: Details Inside

Adani Group firm Ambuja Cements said that it has incorporated three wholly owned subsidiaries - LOTIS IFSC Private Limited, Ambuja Concrete North Private Limited, and Ambuja Concrete West Private Limited. The company announced this via an exchange filing on September 22, 2023.

On Friday, the company said, "Pursuant to Regulation 30 of the Listing Regulations read with Part A of Schedule Ill of the Listing Regulations, we hereby inform you that Ambuja Cements Limited (ACL), has incorporated a new Wholly Owned Subsidiary Companies as follows - 1. LOTIS IFSC Private Limited; 2. Ambuja Concrete North Private Limited; 3. Ambuja Concrete West Private Limited."

Out of these three companies, LOTIS IFSC belongs to the private aircraft industry while rest two belong to the cement industry.

According to the company, LOTIS IFSC Private Limited, where the company will acquire 17 lakh shares at a face value of Rs 10 per equity share has an authorized capital of Rs 170,00,000. Likewise, in Ambuja Concrete North Private Limited which has an authorized capital of Rs 1 lakh and a face value of each share is Rs 10 each, the company will acquire 10000 shares. Ambuja Concrete West Private Limited has an authorized capital of Rs 1 lakh and each share of the company has a face value of Rs 10 per equity share.
Objective Behind Acquisition:

Ambuja Cements informed Indian bourses that it has acquired IFSC Private Limited to carry on the business of owning and leasing Aircraft. While Ambuja Concrete North Private Limited and Ambuja Concrete West Private Limited have been incorporated to carry on the business of manufacturing and dealing in cement, RMX, and allied products & by-products, and to carry on the business of manufacturing and dealing in cement, RMX and allied products and by-products.