After tasting success in airport and ports businesses, Gautam Adani is all set to enter the cement industry. Adani Enterprises, his flagship company, informed stock exchanges on Saturday that it has incorporated a wholly-owned subsidiary by the name of Adani Cement.
In its filing, Adani Enterprises informed that Adani Capital has a authorised share capital of ₹10 lakh and paid-up share capital of ₹5 lakh. The fresh subsidiary has 50,000 equity shares of ₹10 each, it added.
The newly minted company has been registered with Registrar of Companies, Gujarat on June 11, 2021, and is yet to begin operations. So the company does not any turnover yet, it clarified.
Adani Enterprises stated that Adani Cement will operate as “manufacturers, producers and processors of all types of cement”.
The diversification attempt from Adani does not seem surprising given the spurt in his wealth. The 58-year old business magnate has been the best wealth creator so far in 2021, adding $43 billion to his net worth. His port-to-power conglomerate already has interest in sectors ranging from FMCG to airport management and power transmission.
Adani’s bet on the cement business might have been encouraged by the central government’s push to revive capital expenditure, which is usually directly proportional to performance of this sector. His entry into the market could be an indication of good prospects in the cement industry.
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