Adani enters cement market, forms Adani Cement
Adani has entered the cement business in India under the name of Adani Cement. Adani Enterprises informed stock exchanges that it has incorporated a wholly-owned subsidiary named Adani Cement, making its way into the cement business in India. Adani Enterprises informed that Adani Capital has authorised share capital of Rs 10 lakh and paid-up share capital of Rs 5 lakh. Its new subsidiary has 50,000 equity shares of Rs 10 per unit. Adani Cement has registered with the Registrar of Gujarat on 11 June 2021, and it is yet to begin operations. The newly established company will work as a manufacturer, producer, and processor of all types of cement, Adani Enterprises said. Adani Enterprises added $43 billion to its net worth in 2021. Its port-to-power conglomerate has an interest in sectors from FMCG to airport management and power transmission.
The government might have encouraged Adani's Cement business to revive capital expenditure, which is directly proportional to the performance of the sector.