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.

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.