2024-12-20 20:00:12 :
Billionaire Kumar Mangalam Birla’s UltraTech Cement got a major relief on Friday after the Competition Commission of India (CCI) reportedly approved its proposal to acquire a majority stake in India Cements. PTI.
In addition, CCI has also granted permission to UltraTech Cement to acquire up to 26% of the paid-up share capital of India Cements through a public offer.
“The proposed merger envisages UltraTech Cement Ltd (UltraTech/Acquirer) acquiring 32.72% of the paid-up share capital of India Cements Ltd (India Cements/Target) from the promoters and promoter group members of India Cements and Sri. Saradha Logistics Pvt Ltd ”, the news agency quoted a CCI press release as saying.
“The Competition Commission of India (CCI) has approved the acquisition of India Cements Ltd by UltraTech Cement Ltd,” the competition watchdog said.
According to details, all business transactions above a certain threshold require approval from regulators, who will keep a close eye on unfair business practices and promote fair competition in the market.
About the transaction:
Earlier in July 2024, UltraTech Cement announced the acquisition of 32.72% stake in India Cements from the promoters and its associates $3,954 crore deal. With this move, the company plans to expand its footprint in the fast-growing southern cement market, especially Tamil Nadu.
Additionally, UltraTech Cement announced $Public offer of Rs 3,142.35 crore to acquire 26% stake from ICL shareholders.
According to details, UltraTech leads the Indian cement market with a combined production capacity of 156.66 million tonnes of gray cement per annum (MTPA).
About Ultratech:
Kumar Mangalam Birla’s companies manufacture and sell gray cement, white cement, ready-mix concrete, clinker and construction products in India.
UltraTech Cement is a subsidiary of Grasim Industries Ltd.; on the other hand, Indian Cements operates core and non-core businesses. Indian Cements manufactures and sells gray cement and ready-mix concrete.
Follow us On Social Media Twitter/X
