Ambuja Cement, the cement and building material company of Adani Group, announced the signing of a binding agreement for the acquisition of Penna Cement Industries Ltd (PCIL) at an enterprise value of INR 10,422 crore. Ambuja will acquire 100 per cent shares of PCIL from its existing promoter group. P. Pratap Reddy and family. The acquisition will be fully funded through internal accruals as per the company's press release.