Sanghi Industries Limited (SIL) has announced a significant step forward in its proposed merger with Ambuja Cements Limited. The company has received an order from the National Company Law Tribunal (NCLT), Ahmedabad Bench, to convene a meeting of its equity shareholders to consider and approve the amalgamation scheme.

Key Details of the Shareholder Meeting

The meeting will focus on the proposed amalgamation scheme between Sanghi Industries Limited, acting as the transferor company, and Ambuja Cements Limited, as the transferee company.

Background of the Merger Proposal

The roots of this merger proposal trace back to December 17, 2024, when Sanghi Industries first disclosed the proposed arrangement to merge with Ambuja Cements. This latest development, as revealed in a disclosure dated September 26, 2025, marks a crucial progression in the merger process.

NCLT Order and Company's Response

The NCLT order directs Sanghi Industries to convene and hold a meeting of its equity shareholders through Video Conference or Other Audio Visual Means. During this meeting, shareholders will have the opportunity to consider and, if deemed appropriate, approve the arrangement embodied in the Scheme, with or without modifications.

Pranjali Dubey, Company Secretary & Compliance Officer of Sanghi Industries Limited, confirmed that all relevant documents, including a copy of the NCLT order, will be made available on the company's official website at www.sanghicement.com .

Implications for Shareholders and the Industry

This merger, if approved, could potentially reshape the competitive landscape in the cement industry. Shareholders of Sanghi Industries will play a crucial role in determining the future direction of the company through their votes at the upcoming meeting.

The proposed amalgamation between Sanghi Industries and Ambuja Cements represents a significant move in the Indian cement sector, potentially leading to synergies and a stronger market position for the combined entity.

As the date of the shareholder meeting approaches, all eyes will be on the outcome, which could have far-reaching implications for both companies and the broader cement industry in India.

Gautam Adani, Chairman of Adani Group, has issued a letter to shareholders of Sanghi Industries Limited , addressing the aftermath of Hindenburg's report from January 24, 2023, and highlighting the group's robust financial performance and ongoing infrastructure investments.

SEBI Dismisses Allegations

Adani stated that the Securities and Exchange Board of India (SEBI) has delivered a verdict dismissing the allegations against the group. This development marks a significant turning point for Adani Group, which has been under scrutiny since the Hindenburg report was released.

Strong Financial Performance

Despite the challenges posed by the Hindenburg report, Adani Group has demonstrated remarkable financial resilience:

• Portfolio EBITDA grew from ₹57,205.00 crores to ₹89,806.00 crores, representing a 57% absolute growth and a two-year CAGR of 25%.
• The Gross Block expanded from ₹4,12,318.00 crores to ₹6,09,133.00 crores, adding nearly ₹2 lakh crores.

Major Infrastructure Projects

Adani highlighted several key projects completed by the group:

• Commissioned India's first container transshipment port at Vizhinjam
• Added 6 GW of renewable capacity, including the Khavda project, which is the world's largest single-location renewable project
• Commissioned a copper smelter complex
• Expanded energy infrastructure with 7,000 circuit kms of transmission lines and 4 GW of thermal capacity

Future Commitments

Looking ahead, Adani committed to:

1. Strengthening governance standards to inspire confidence across markets and regulators
2. Accelerating innovation and sustainability efforts
3. Continuing infrastructure investments to support India's long-term growth

Chairman's Message

Adani concluded his letter with a message of resilience and determination, stating, "What was intended to hurt us has instead become a defining inflection point by fortifying our foundations, sharpening our ambition and reaffirming our responsibility to build with scale, speed and resilience for India's future."

The Adani Group's response to the Hindenburg report and its subsequent performance demonstrate the company's ability to navigate challenges while maintaining its focus on growth and infrastructure development. As India's infrastructure landscape continues to evolve, the group's projects and investments are likely to play a significant role in shaping the country's economic future.