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An investment of Rs 256.5 crore has been made by Piramal Enterprise in Sanghi Industries through subscribing to the company’s non-convertible debentures.
Piramal Enterprise has said in a statement that the company has subscribed through its Structured Investment Group to non-convertible debentures of Sanghi Industries to the extent of Rs 256.5 crore, for enabling the company to term out its capital structure and repay its lenders ahead of schedule.
Jayesh Desai, Piramal Enterprises Structured Investment Group Co-Head said that “Sanghi Industries has built a very strong brand in Gujarat market and we feel optimistic about its growth prospects going forward.”
He further said that the cement demand in India is expected to rise due to the government’s push for large infrastructure projects. Higher allocation by the government towards improving rural income will also increase rural housing demand and hence, improve outlook for cement.
