UltraTech Cement Acquires 23% Stake in India Cements for Rs 1,900 Crore

UltraTech Cement, a flagship company of the Aditya Birla Group, has acquired a 23% stake in India Cements Ltd for over Rs 1,900 crore. This move aims to bolster its capacity to compete with the Adani Group. The acquisition positions UltraTech as the second largest shareholder in India Cements.

UltraTech Cement, the flagship company of the Aditya Birla Group, has fortified its market position by acquiring a 23% stake in India Cements Ltd, led by former BCCI president N Srinivasan. This strategic acquisition, valued at over Rs 1,900 crore, aligns with UltraTech's aim to bolster its competitive edge against the Adani Group.

India Cements, despite this sale, will retain its status as the largest shareholder with a 28.42% stake. The shares, acquired through two major block deals, ranged in price from Rs 265.05 to Rs 283.3 per share, for a total transaction value of Rs 1,889.27 crore.

This transaction concludes just weeks after the Adani Group announced its acquisition of Penna Cement, enhancing UltraTech's strategic positioning in the increasingly competitive cement market.