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Gujarat Ambuja earmarks $220 million for buyouts
By siliconindia
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Thursday, 03 June 2004, 19:30 IST
MUMBAI: Gujarat Ambuja Cements Ltd, India's fourth-biggest cement maker by capacity, has set aside Rs 10 billion ($220 million) for increasing its capacity, executive director Anil Singhvi said on Thursday.
"We would like to consolidate our position in the west and the northern markets," Singhvi said. The company had earmarked the money to be spent over a period of 12-15 months, he added.
Over the next six months, Gujarat Ambuja would look at the economy, the performance of India's new Government, and the outlook for the cement industry.
"And if all these are positive, we will look at capacity additions," Singhvi said in an interview.
Gujarat Ambuja stirred India's sedate cement market when it acquired a 14.4 per cent stake in industry leader Associated Cement Companies Ltd in 1999 in a deal valued at Rs 9.7 billion.