Ambuja Cements forms shipping subsidiary

Ambuja Cements has formed a new, wholly-owned subsidiary called Ambuja Shipping Services Ltd (ASSL). The company has been incorporated by Ambuja Cements for the business of operating ships, the company said in regulatory filing.

The company has acquired 100 per cent shareholding in ASSL and the cost of the acquisition is INR10m (US$120,800), reports Mint. ASSL is incorporated in India and was registered with the Registrar of Companies, Gujarat at Ahmedabad on 3 January 2023. The new subsidiary is yet to commence operations.