Ambuja Cements has incorporated three fully owned subsidiaries — LOTIS IFSC Private Limited, Ambuja Concrete North Private Limited and Ambuja Concrete West Private Limited, the company informed the Indian stock market bourses.
Ambuja Cements, an Adani group company, said in its declaration, “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.”
It went on to inform that authorised 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 LOTIS IFSC, which has a face value of ₹10 per equity share.
Similarly, Ambuja Concrete North Private Limited has an authorised capital of ₹1 lakh and face value of each share is ₹10 each. Likewise, Ambuja Concrete West Private Limited has an authorised 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 the private aircraft industry, whereas Ambuja Concrete North Private Limited and Ambuja Concrete West Private Limited belong to the cement industry.
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 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 incorporated to carry on the business of manufacturing and dealing in cement, RMX and allied products and by-products.
