BENGALURU -- India's Adani Group is making its first major acquisition since coming under attack from short-seller Hindenburg Research with a nearly $300 million deal to gain control of a cement maker.
Ambuja Cement, an Adani Group company, said in a stock exchange filing on Thursday that it had paid $202 million for a 56.7% stake in Sanghi Industries, a smaller rival headquartered in Gujarat. It said it would launch an open offer for an additional 26%, which will cost the company $93 million.
