“August 2023: Adani acquires Sanghi Industries, India’s largest single-location cement unit.June 2024: Adani acquires Penna Cements, giving it substantial market share even in the last remaining region of south India.October 2024: Adani acquires Orient Cement, gaining an additional 2 per cent market share.Upcoming: Adani exploring the acquisition of Saurashtra Cement, Vadraj Cement, and the cement business of Jaiprakash Associates,” he added.As former RBI deputy governor and noted financial economist Dr Viral Acharya established, five big conglomerates — including the Adani Group — were building monopolies in 40 sectors, including cement, he said.”This growing monopolisation is linked to India’s shaky economic growth, unemployment crisis, and high inflation. In 2015, when a common man used to spend Rs 100 on goods, Rs 18 would go as profit to the business owner — in 2021, the owner now gets Rs 36 in profits,” Ramesh said in Hindi.
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