The Adani group has entered another key cement sector after successfully emerging as a critical player in the ports and airports sector.
Adani Enterprises, group's flagship company, informed stock exchanges on Saturday that it has incorporated a wholly-owned subsidiary named Adani Cement, reports Livemint.
Adani Cement has been registered with the Registrar of Companies, Gujarat, on Friday (11 June), 2021. The company said that it would operate as a manufacturer, producer and processor of all types of cement.
Recently Gautam Adani, the founder and chairman of the Ahmedabad-headquartered Adani Group, has the second-richest Asian.
Adani’s net worth has surged by a whopping $32 billion in 2021 so far, marking the third-highest surge in wealth by any person on the planet this year, after Bernard Arnault and Miriam Adelson. Most of his wealth is locked up in his Group’s holdings in several publicly listed Group companies like Adani Enterprises, Adani Green, Adani Total Gas, Adani Power, Adani transmission, et cetera.
The shares of the Group’s companies have witnessed as much as 200 to 1,100 per cent surge in share prices over the last 12 months, sending Adani’s net worth rocketing to the sky.
Going by his history of acquisitions to emerge as a dominant player in other sectors, the cement industry could see increased competition and investments with the entry of Adani.