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Sanghi Cement is controlled by the family of Ravi Sanghi who are the promoters of the listed Sanghi Industries. Sanghi Industriess shares hit a 52 week high of Rs. 100.40 on Wednesday giving the company a market capitalization of nearly Rs. 2600 crore. Ambuja-ACC, JK Laksmi Cement and UltraTech are the top 3 cement players in Gujarat from where Sanghi Cement also derives a bulk of its revenues.
ET had reported on July 25 that Adani Group s Ambuja Cements-ACC and JK Lakshmi Cement were leading the race to acquire the Ahmedabad-based cement maker.
As per sources aware of the matter, Adani group has come close to the expected enterprise value of Rs. 6000 crore that Sanghi Cements promoters have demanded as consideration for the sale of the company. JK Lakshmi Cement is also in the running but has not matched the enterprise value demanded. The enterprise value includes debt of around Rs. 2000 crore.
The board of Glenmark Pharmaceuticals is said to take a decision regarding the sale soon and the amount received will be used to repay the debt of Rs 2,904 crore