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Tag: Equity

Adani Secures Orient Cement in a Major Deal Worth INR 8,100 Crore

Ahmedabad, 22 October 2024: Ambuja Cements, the cement and building material company of Adani Cement and part of the diversified Adani Group, today announced the signing of a binding agreement for the acquisition of Orient Cement Ltd (OCL) at an equity value . Ambuja will acquire 46.8% shares of OCL from its current promoters and certain public shareholders. The acquisition will be fully funded through internal accruals.

“This timed acquisition marks another significant step forward in Ambuja Cements’ accelerated growth journey, increasing cement capacity by ~30 MTPA within two years of Ambuja’s acquisition,” said Mr Karan Adani, Director of Ambuja Cements. “By acquiring OCL, Ambuja is poised to reach 100 MTPA cement capacity in FY 25. The acquisition will help to expand Adani Cement’s presence in core markets and improve its pan-India market share by 2%. OCL’s assets are highly efficient, equipped with railway sidings and well supported by captive power plants, renewable energy, WHRS and AFR facilities. OCL’s strategic locations, high-quality limestone reserves and requisite statutory approvals present an opportunity to increase cement capacity in the near term to 16.6 MTPA.”

Mr CK Birla, Chairman of Orient Cement and the CK Birla Group, said, “The CK Birla Group is continuously reallocating capital to sharpen its focus on consumer centric, technology driven and service-based businesses. I take pride in Orient Cement’s impressive track record of building premium brands and maintaining a leading market share in the geographies it operates in. We are confident that the Adani Group, with its strong focus on cement and infrastructure, is the ideal new owner to drive continued growth at Orient Cement for our people and stakeholders”.

Ms Amita Birla, Co-Chairman, CK Birla Group, added, “Orient Cement has a strong market presence, with sustainability initiatives, particularly in renewable energy, being a significant part of its DNA. I am convinced that Ambuja Cements is the right home for all our colleagues at Orient Cement, as well as our customers.”

OCL has 5.6 MTPA clinker capacity and 8.5 MTPA cement capacity along with statutory clearance to increase the clinker capacity by another 6.0 MTPA and cement capacity by another 8.1 MTPA. In addition, OCL also has a limestone mining lease in Chittorgarh for setting up an Integrated Unit (IU) with clinker of 4 MTPA and a split Grinding Unit (GU) of 6 MTPA in North India. OCL has also secured a concession from MPPGCL, Madhya Pradesh for setting up a Grinding Unit within the premises of Satpura Thermal Power Plant. Both these complement the Adani Group’s existing cement footprint. (Refer Annexure – 1 for OCL’s location wise cement capacity and other assets and Annexure – 2 for Adani Cement’s footprint post-acquisition of OCL.)

OCL has recently commissioned a WHRS in Chittapur IU and is in the final stage of commissioning 16 MW solar in Chittapur and 3.7 MW solar in Jalgaon. OCL’s efficient plants, highly motivated teams, strong balance sheet and well-distributed dealer network will be excellent additions to the Adani Group’s existing cement business. OCL’s existing dealers will move to Adani Cement’s market network, creating formidable synergies.

Ambuja plans to optimize OCL’s overall capacity utilization to enhance its cost and competitiveness and improve its operating performance while leveraging the synergies inherent in the existing cement business.

Kytchens raises funds of 6.5 Crore Equity from Anicut Capital and other marquee investors

Kytchens raises funds of 6.5 Crore Equity from Anicut Capital and other marquee investors

Kytchens, a full-stack “Kitchen as a Service” platform, today announced the funding of 6.5 Crores in equity through pre series A funding. The round was led by Anicut, supported by a bunch of angel investors who have previously invested and backed 100s of successful start-ups in the early stages and helped them scale. Notable Angels like Anand Ladsariya, Bharat Jaisinghani, and Neeraj Goenka participated in the funding round, among others.

The funding will empower Kytchens to build a robust and agile team with the right skill sets and capabilities to accelerate its growth in the Indian market. Additionally, the cloud kitchen service provider will aim towards expanding its footprints across Mumbai and nearby cities like Pune, and Nashik in Maharashtra and across tier 2 markets in South Gujarat. Furthermore, Kytchens will allocate funds towards exemplifying their services as a strategic partner in enabling the growth of F&B brands with the strong managed cloud kitchen network consisting of strategically located Central and Delivery Kytchens to maximize reach.

On the announcement, Bansi Kotecha, CoFounder, Kytchens said, “India as a market is primarily fragmented and undersupplied in the F&B space. High performing local brands are unable to scale to meet customer demand beyond their neighbourhood. Simply put there are not enough F&B chains in India that provide consistent high-quality food that can be eaten in the comfort of your home or office. We began Kytchens to bridge this gap by creating a platform of managed infrastructure and services that empowers great F&B brands to scale with limited resources at an accelerated pace. We are humbled with the support from Anicut Capital and other angel investors at this juncture of our growth journey. Anicut boasts a healthy portfolio of F&B startups and the angels backing us have built large brick and mortar enterprises and understand the complexity of building an operationally intensive business. The funds will help us build a strong foundation of what will be one of the largest food networks across India.”

“With cloud kitchens expected to be a $2 billion industry in India by 2024, Kytchens is uniquely placed in the Indian F&B landscape. Geographic expansion is a major challenge faced by popular standalone restaurants. The existing ecosystem partners solve the issue of delivery and real estate. With Kytchens’ “Operating System”, now these brands can achieve scale in a sustainable manner and at an accelerated pace. We are certain that the Kytchens will soon re-define the paradigms of Indian F&B and achieve heights in the market”, said Ashvin Chadha, Founding Partner, Anicut Capital.

Kytchens was launched by Nachiket Shetye and Bansi Kotecha in the middle of the first lockdown when things were shutting down. The first kitchen initiated its operations in Aug 2020 with 2 partner brands and now the full stack service provider has expanded to 6 locations with 25+ brands. Their portfolio consists of notable brands like Thambbi, Marrakesh, Wraps and Rolls, WoodSide BurgerShop, East Pan Asian, Tru Falafel, La Folie, Huber & Holly etc.