Ambuja rivals UltraTech in limestone reserves via buys

Even as Adani Group-controlled Ambuja Cements focused on acquisitions to rival India's largest cement maker, UltraTech Cement, it appears to have built equally competitive limestone reserves in the last couple of years, disclosures suggest.

- AMRITA PILLAY

According to data shared by the two companies in their analyst presentations, as of June, Ambuja Cements had limestone reserves of eight billion tonnes, compared to UltraTech Cement's disclosed reserves of 10 billion tonnes.

While UltraTech has been conservative in limestone auction bids over the past year, nearly one billion tonnes of Ambuja Cements' current reserves were built through participation in various state auctions.

An email query sent to both companies remained unanswered.

Industry sources note that, with Adani Group stepping in as new promoters with deeper pockets, Ambuja Cements has strategically built its limestone reserves in the last two years, similar to UltraTech's.