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While Shree Cement has narrowed the pricing gap by prioritizing value, muted volume growth suggests a loss of market share. View More
Ambuja Sanghi merger: The National Company Law Tribunal has approved the merger of Sanghi Industries with Ambuja Cements. This significant development was announced by Ambuja Cements in an exchange filing. The tribunal pronounced its order on February 9, 2026, sanctioning the scheme of arrangement. April 1, 2024, is the appointed date for this merger. View More
The proposed merger of Sanghi Industries with Adani-led Ambuja Cements received the National Company Law Tribunal 's green light on Monday. In an exchange filing, Ambuja Cements said the tribunal pronounced its order on February 9, 2026, sanctioning the scheme of arrangement between the two companies and their respective shareholders. As per the scheme, April 1, 2024 has been fixed as the appointed date, while the merger is set to take effect after all formalities and steps outlined in the scheme are completed. Also Read | Cement majors post double-digit volume growth in Q3, expect price recovery ahead "The Appointed Date of the Scheme is April 1, 2024. It will be effective upon completion of the steps, as laid out in the Scheme. We will update the exchanges once the Scheme becomes effective," the filing. Live Events Ambuja Cement's consolidation plans Ambuja had announced in December 2024 that Sanghi Industries would be merged into the company as part of a broader consolidation plan, which also includes the merger of Penna Cement Industries. According to the arrangement with Sanghi Industries, shareholders will receive 12 shares of Ambuja Cements for every 100 shares held in Sanghi. Moreover, Ambuja Cements, which is the promoter of Sanghi Industries and holds a 58.08% equity stake, had completed the acquisition of Sanghi Industries last year for about Rs 5,185 crore. The Adani Group-owned firm had also said the merger will allow it to fully absorb Sanghi’s operations, streamline its organisational structure and simplify compliance requirements. Also Read | Adani Group consolidates cement assets: Ambuja Cements to merge ACC & Orient Cement Sanghi Industries operates a clinker capacity of 6.6 million tonnes per annum (MTPA) and cement capacity of 6.1 MTPA, with limestone reserves estimated at around one billion tonnes. Its Sanghipuram facility in Gujarat is among the largest single-location cement and clinker plants in the country, supported by a captive jetty and power plant. Following a series of acquisitions, Ambuja Cements is aiming to scale up its cement to about 140 MTPA by 2027–28. The company had said that the consolidation is expected to improve operational efficiency, strengthen cash flow management and support faster expansion, ultimately enhancing shareholder value. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
CleanMax Enviro Energy Solutions has secured Rs 1,500 crore in a pre-IPO funding round. Global investors like Temasek and Bain Capital led the investment. The company is preparing for an initial public offering to raise Rs 5,200 crore. This funding highlights strong interest in India's renewable energy sector. CleanMax is a leading provider for commercial and industrial clients. View More
CleanMax Enviro Energy Solutions, a commercial and industrial renewable energy company, has raised about Rs 1,500 crore ahead of an initial public offering, with Temasek Holdings and Bain Capital leading the funding round, people close to the development said. The investment underscores strong global institutional appetite for India’s fast-growing corporate renewable energy market. The pre-IPO placement has also attracted Steadview Capital, 360One, Steinberg India Emerging Opportunities Fund and several family offices, including those of the Dalmia group, Jaisinghani and Taparia families, these people said. Investments from family offices were routed through TrustGroup, led by Utpal Sheth, former chief of RARE Enterprises. CleanMax did not respond to queries. The company has received regulatory approval for its updated draft red herring prospectus, clearing the way for its IPO later this month. It is aiming to raise Rs 5,200 crore, including the pre-IPO fundraising of Rs 1,500 crore. Temasek and Bain Capital are expected to collectively hold close to a 10% stake in CleanMax following the transaction, the people said. They are allotted shares at Rs 1,053 each, an executive close to the matter said, adding: “This reflects confidence in the company’s scale, contracted pipeline and long-term growth visibility ahead of its IPO." Live Events Singapore government-owned Temasek, via its wholly owned subsidiary Jongsong Investments Pte Ltd, invested Rs 760 crore—Rs 297 crore in newly issued shares and Rs 463 crore in secondary shares offered by existing shareholders. Private investment firm Bain Capital, through GSS India Opportunities AIF Scheme I managed by Bain Capital Advisors (India) Pvt Ltd, invested Rs 350 crore in a secondary transaction. Steadview Capital (Rs 140 crore), Steinberg India Emerging Opportunities Fund (Rs 50 crore) and 360One with (Rs 50 crore) also invested via secondary deals. Canadian investor Brookfield, an existing promoter, is expected to continue as a shareholder. Founded in 2010 by Kuldeep Jain, a former McKinsey & Co partner and IIM-Ahmedabad alumnus, CleanMax has built a platform focused exclusively on the C&I (commercial and industrial) segment. According to a Crisil report, the company was India’s largest C&I renewable energy provider as of March 31, 2025. CleanMax currently operates, owns and manages 2.54 gigawatts (GW) of renewable energy capacity. As of July 31, 2025, it also had 2.53 GW of contracted capacity under execution. It serves more than 500 customers, as per its prospectus. A key growth driver for CleanMax is surging demand for renewable energy from data centres and artificial intelligence-led digital infrastructure. Nearly 40% of its portfolio caters to global technology majors such as Apple, Google, Amazon, Meta and Equinix. As India emerges as a key data centre hub, demand for reliable, round-the-clock renewable power is expected to accelerate sharply. The company’s other customers include UltraTech Cement , Bajaj Auto , Bangalore International Airport, BASF India , Concord Biotech , Grasim Industries and Sona Comstar. CleanMax has also joint ventures with Apple Inc, Osaka Gas and Toyota Tsusho. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)
JSW Cement has reported an exceptional item (net loss) of ?33.66 crore in the December quarter, mainly due to the implementation of the new Labour Codes View More
Nick Naydev, 27, survived a 100-foot jump from the Symphony of the Seas while docked in the Bahamas, despite severe risk and alcohol influence. The stunt, filmed by friends, sparked outrage and a permanent Royal Caribbean ban. Naydev later described the painful impact and dangerous waters, warning others against reckless behavior and the thin line between thrill-seeking and fatal risk. View More
Strong volume growth and falling costs helped UltraTech deliver a Q3 earnings beat, but pricing revival and integration are the next tests. View More
UltraTech achieved a growth of 29 per cent in domestic grey cement markets, excluding the sales volumes of India Cements and Kesoram from the corresponding previous period View More
UltraTech Cement's consolidated net profit rises 27% year-on-year to ? ?1,725.40 crore in the December quarter View More
Revenue from operations was ?21,829.68 crore in the December quarter of FY26, compared to ?17,778.83 crore in the same quarter a year earlier View More