Adani group company Ambuja Cements has informed Indian stock market bourses that it has incorporated three fully owned subsidiaries — LOTIS IFSC Private Limited, Ambuja Concrete North Private Limited and Ambuja Concrete West Private Limited. Out of these three companies, LOTIS IFSC belongs to the private aircraft industry while rest two belongs to cement industry.
Also Read– Delhi to host over 30 countries at Indo-Pacific Armies Chiefs Conference
Informing Indian exchanges about the incorporation of three companies, Ambuja Cements said, “Pursuant to Regulation 30 of the Listing Regulations read with Part A of Schedule Ill of the Listing Regulations, we hereby inform you that Ambuja Cements Limited (ACL), has incorporated a new Wholly Owned Subsidiary Companies as follows — 1. LOTIS IFSC Private Limited; 2. Ambuja Concrete North Private Limited; and 3. Ambuja Concrete West Private Limited.”
Ambuja Cements went on to inform that authorized capital of LOTIS IFSC Private Limited is ₹170,00,000 or ₹1.7 crore. In this incorporation, Ambuja Cements would acquire 17 lakh shares of the LOTIS IFSC, which has a face value of ₹10 per equity share.
Read More: Indian weather update: IMD’s Orange Alert issued for Madhya Pradesh, Jharkhand and more
Similarly, Ambuja Concrete North Private Limited has an authorized capital of ₹1 lakh and face value of each share is ₹10 each. Likewise, Ambuja Concrete West Private Limited has an authorized capital ₹1 lakh and each share of the company has a face value of ₹10 per equity share.
Ambuja Cements went on to inform that LOTIS IFSC belongs to private aircraft industry whereas Ambuja Concrete North Private Limited and Ambuja Concrete West Private Limited belongs to cement industry.
Read More: EC to SC: Linking Aadhaar number with electoral rolls not mandatory
Objective behind incorporation
Explaining the reason behind this incorporation, Ambuja Cements informed Indian exchanges that LOTIS IFSC Private Limited has been acquired to carry on the business of owning and leasing of Aircraft.
The Adani group company went on to add that Ambuja Concrete North Private Limited has been acquired to carry on the business of manufacturing and dealing in cement, RMX and allied products and by-products. Similarly, Ambuja Concrete West Private Limited has been in corporated to carry on the business of manufacturing and dealing in cement, RMX and allied products and by-products.
