Companies that manage to raise funds through public listing, share sale to private equity or through the sale of assets prefer to pay up the credit availed from such funds, which are usually at near usurious interest rates, rather than waiting for the debt to mature.

In the August 12 resignation letter, Deloitte said it was resigning as auditor of APSEZ with immediate effect "because we are not statutory auditors of a substantial number of other Adani Group of companies." It went on to state that it had given a qualified opinion in audit of financial statements for quarters ended March 2023 and June 2023.

Adani-owned Ambuja Cements' recent acquisition is seen helping the company scale up capacity at a lucrative cost and emerge as one of the dominant players in western India over the medium term, although question marks remain over the immediate prospects of the freight-heavy primary building material that is decidedly regional in its pricing dynamics and determination of market power.

Ambuja Cement on Thursday announced the acquisition of a majority stake in Sanghi Industries, one of the leading cement manufacturers from western India, at an enterprise value of Rs 5,000 crore.

Adani Ports and Special Economic Zones (APSEZ) CEO Karan Adani announced that the Adani group will expand the captive port capacity of Sanghipuram, following the acquisition by Adani Group firm Ambuja Cements of a majority stake in Sanghi Industries Ltd (SIL) for an enterprise value of Rs 50bn. Ambuja Cements will acquire a 56.74% stake of SIL from its existing promoter group - Ravi Sanghi & family.

​So yes, the acquisition is good and if the companies go for inorganic expansion that would be better for the industry compared to the organic ones because they would only increase the gas supply. But consolidation in the industry would overall benefit the entire cement sector as a whole.

Investors in India are reportedly waiting to buy stocks after expecting a market correction. Dipan Mehta, Director of Elixir Equities, said 90% of people spoken to in the last two months were cautious, expecting a correction and the bulls have been waiting for an opportunity like this. In terms of sectors, Mehta believes there is a better chance of a decent return in inward-looking industries such as banking, capital goods, real estate, and hospitality, rather than export-oriented businesses.

The second largest cement maker by market capitalisation is said to have shown interest in the company considering its valuation of Rs 6,000 crore.

Adani group-owned Ambuja-ACC and JK Lakshmi are the leading contenders for acquiring Sanghi Cement, according to sources. Ahmedabad-based Sanghi Cement is expected to be sold for an estimated enterprise value of INR60bn ($898m). The competing firms may conduct due diligence on the company soon and, if it is satisfactory, place formal offers over the next two months, said the sources.