Star Cement on Wednesday dismissed reports suggesting that Adani Group’s Ambuja Cement is evaluating a potential acquisition of the company to expand its presence in the North East. The company labeled the claims as speculative and clarified that no such discussions are underway.
In a filing to the stock exchanges, Star Cement stated, “With reference to the news item that appeared in ‘Money Control,’ we hereby clarify that the above-mentioned news item is speculative, and the company is not engaged in any discussions in this regard.”
The clarification from Star Cement comes amid heightened scrutiny of merger and acquisition activities in India’s cement sector, following Adani Group’s increasing interest in strengthening its position in the industry.
