ACC Ltd., under the umbrella of Adani Group, has recently established two new wholly-owned subsidiaries: ACC Concrete South Ltd. and ACC Concrete West Ltd., according to an exchange filing on Wednesday.
What It Means? The primary aim of these new entities is to engage in the business of manufacturing and dealing in cement, Ready-Mix Concrete (RMC), and related products and by-products. ACC has invested in an initial subscription of 10,000 equity shares, each valued at Rs 1 lakh, in both of the new units.
In a related development last month, ACC began commercial production of clinker at its new cement plant situated in Ametha, in the Katni district of Madhya Pradesh. This facility boasts a clinker production capacity of 3.3 million tonnes per year and can produce up to 1 million tonnes per annum (MTPA) of cement.
This strategic move by ACC Ltd. not only expands its manufacturing capabilities but also potentially enhances its market reach in the cement and related products sector.
Price Action: ACC Ltd. shares were trading 0.082% lower at ₹2,005.00 at the time of publishing, after climbing up to an intraday high of ₹2016.90 shortly after markets opened for trading on Thursday.
Get all the latest Share Market trends and news to set you up for the week ahead.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.