Congress slams Centre over acquisition of Sanghi Industries by "Adani-owned Ambuja Cements"
Congress General Secretary in-charge Communications Jairam Ramesh, in a statement, alleged that India’s third-largest cement producer Shree Cement, who was in talks to acquire Sanghi Industries, exited the race after Income Tax Department launched raids against it. The senior leader said that within a month, the "Adani-owned" Ambuja Cements acquired the Sanghi Industries.
ANI
Aug 05, 2023 15:46 IST
New Delhi [India], August 5 (ANI): Launching an attack on the Central government through 'Hum Adani ke Hain Kaun' series, since Hindenburg's report on Adani Group, the Congress party on Saturday launched another episode involving the takeover of Sanghi Industries by the Adani-owned Ambuja Cements.
Congress General Secretary in-charge Communications Jairam Ramesh, in a statement, alleged that India’s third-largest cement producer Shree Cement, who was in talks to acquire Sanghi Industries, exited the race after Income Tax Department launched raids against it. The senior leader said that within a month, the "Adani-owned" Ambuja Cements acquired the Sanghi Industries.
"The latest episode involves the takeover of Sanghi Industries by the Adani-owned Ambuja Cements. Aap Chronology Samajhiye. April 28, 2023, India’s third-largest cement producer Shree Cement is reported to be in talks to acquire Sanghi Industries, On June 21, 2023, Income Tax Department launches raids against Shree Cement at five locations, On 19 July 2023, Shree Cement exits race to acquire Sanghi Industries, and on August 3, 2023, the Adani-owned Ambuja Cements announces it has acquired Sanghi Industries," Jairam Ramesh said in the statement.
"Sanghi’s unit in Sanghipuram, Gujarat, is India’s largest single-location cement and clinker plant. The associated Sanghipuram Port will also further facilitate Adani’s ports monopoly. Given its importance for his close friends, PM Modi has left no stone unturned to ensure control of these assets by the Adani Group," the statement added.
He said that what we are seeing is part of a longstanding pattern of misuse of investigative agencies to enrich the PM’s cronies.
"Agencies like the ED and CBI are not only being used to break apart opposition parties and bring down opposition-ruled governments, with 95 per cent of investigations aimed against opposition leaders. Prized assets like Mumbai airport, Krishnapatnam Port and, now, Sanghi Industries are being handed over to the Adani Group following raids by these agencies," the statement read further.
Ambuja Cements Ltd (ACL), the cement and building material company of Adani Cement and part of the diversified Adani Group on Thursday announced the acquisition of Sanghi Industries Ltd (SIL) at an enterprise value of Rs 5,000 crore. (ANI)
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