UltraTech Cement Acquires 23% Stake in India Cements for Rs 1,900 Crore
UltraTech Cement has announced the acquisition of a 23% stake in India Cements for Rs 1,900 crore. The deal, completed in two tranches, involves the purchase of 7.06 crore equity shares of India Cements. This move is part of UltraTech's ongoing expansion strategy, increasing its installed capacity significantly.
- Country:
- India
In a strategic move on Thursday, UltraTech Cement, the country's leading cement maker, announced its acquisition of a 23% stake in Chennai-based rival India Cements Ltd for over Rs 1,900 crore, to be executed in two tranches.
As detailed in a regulatory filing, UltraTech Cement has acquired 6,02,48,983 equity shares, equating to a 19.44% stake in India Cements, at a price of up to Rs 267 per share, valuing the transaction at Rs 1,608.64 crore. Additionally, the board has sanctioned the purchase of another 3.4% equity shares at Rs 285 per share, totaling Rs 295 crore.
This investment amplifies UltraTech's growth trajectory, complementing its ongoing capacity expansion and additional acquisitions, including a grinding unit from India Cements in Maharashtra for Rs 315 crore. UltraTech Cement aims to enhance its grey cement capacity to 198.2 MTPA, positioning itself as a global industry leader.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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