UltraTech Cement Expands Staking Acquires 23% in India Cements
UltraTech Cement, a leading cement manufacturer, has announced the acquisition of a 23% stake in India Cements for approximately Rs 1,885 crores. With this acquisition, UltraTech continues its expansion, having also announced other significant deals in recent months to boost its capacity.
![UltraTech Cement Expands Staking Acquires 23% in India Cements](https://devdiscourse.blob.core.windows.net/aiimagegallery/25_06_2024_15_45_29_4824103.png)
- Country:
- India
In a strategic expansion move, UltraTech Cement, the country's leading cement maker, announced on Thursday its acquisition of a 23% stake in its Chennai-based rival, India Cements Ltd. The deal, valued at approximately Rs 1,885 crore, signifies UltraTech's ongoing efforts to consolidate its market position.
According to a regulatory filing from the Aditya Birla Group, UltraTech Cement will purchase 7.06 crore equity shares of India Cements at a price of up to Rs 267 per share. This move follows a board meeting where the company decided to invest in acquiring these shares.
This acquisition marks a significant milestone for UltraTech, which boasts an installed capacity of 152.7 Million Tonnes Per Annum (MTPA) of grey cement. The company has been actively expanding its footprint, recently purchasing a grinding unit from India Cements in Maharashtra for Rs 315 crore and proposing to acquire a 25% stake in UAE-based RAK Cement Co for White Cement and Construction Materials PSC.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
ALSO READ
"Teams have been getting more exposure...": NZ skipper Williamson on T20 WC's expansion following win over Uganda
Landeed Secures Strategic Funding to Propel Global Expansion
Hyundai Motor India Gears Up for Massive EV Expansion
IBS Software Names Somit Goyal as New CEO to Drive Global Expansion
Jewels by Preeti Sets Sights on Major Expansion with 15 New Retail Stores