Ambuja Cements forms wholly-owned subsidiary - Ambuja Shipping Services

Ambuja Cements on 4 January announced that the company has incorporated a wholly owned subsidiary company in the name of Ambuja Shipping Services Limited (ASSL) on 3 January, 2023.

The company has been incorporated by Ambuja Cements for the business of operating ships, the company said in regulatory filing. The company has acquired 100% shareholding and the cost of the acquisition is ₹1 crore.

ASSL is incorporated in India and registered with the Registrar of Companies, Gujarat at Ahmedabad on 3rd January, 2023 and is yet to commence its business operations.

Earlier in September, Gautam Adani had pledged his entire stake in Ambuja Cements Ltd and ACC Ltd, worth as much as $12.5 billion, to foreign banks to fund his family’s $6.5 billion acquisition of the two cement makers.

The stocks of Ambuja Cements were is trading flat at ₹527, down 0.74 percent on the NSE.