Ambuja Cements incorporates three wholly-owned subsidiaries to bolster aircraft, cement business
Mumbai: Adani Group company Ambuja Cements Ltd informed the stock exchanges on Friday that it has acquired three wholly-owned subsidiary companies namely, Lotis IFSC Private Ltd, Ambuja Concrete North Private Ltd and Ambuja Concrete West Private Limited in order to carry business in aircraft and cement sectors, media reports said.
Ambuja Cements Ltd said it has incorporated its wholly-owned subsidiary Lotis IFSC Private Ltd to carry out the business of owning and leasing aircraft.
The company also said the incorporation of its subsidiaries Ambuja Concrete North Private Ltd, and Ambuja Concrete West Private Ltd, has been done to enhance the company's presence in the cement sector and for carrying out the business of manufacturing and dealing in cement, RMX and allied products and by-products.
All three wholly-owned subsidiaries of Ambuja Cements Ltd are yet to commence business operations, the stock exchange filing stated.
According to the filing, the authorised and paid-up share capital of Lotis IFSC is worth Rs 1.7 crore comprising 1700000 equity share of Rs 10 each. And, the authorised and paid-up share capital of each of Ambuja Concrete North Private Ltd and Ambuja Concrete West Private Ltd is Rs 1 lakh comprising 10000 equity share of Rs 10 each.
Lotis IFSC Private Ltd and Ambuja Concrete North Private Ltd are incorporated in GIFT City, Gandhinagar, Gujarat, and were registered on September 14, 2023. And, Ambuja Concrete West Private Limited was incorporated in GIFT City, Gandhinagar, Gujarat, and was registered on September 18, 2023.
Ambuja Cements owns 100 percent equity in the three wholly-owned subsidiaries.