UltraTech Cement Secures CCI Nod for India Cements Acquisition

The Competition Commission of India has approved UltraTech Cement's plan to acquire a majority stake in India Cements. UltraTech, a leader in India's cement market, aims to expand its presence in the southern region by purchasing 32.72% in India Cements and launching an open offer for an additional 26%.

In a significant development, the Competition Commission of India (CCI) has granted approval for UltraTech Cement, spearheaded by billionaire Kumar Mangalam Birla, to acquire a substantial stake in India Cements.

The regulatory body sanctioned UltraTech's proposed acquisition of 32.72% equity in India Cements from its promoters, along with a provision for an open offer targeting an additional 26% stake.

The acquisition is part of UltraTech's strategic move to expand its operations in the southern Indian cement market, a region known for its competitive and fast-growing nature, especially in Tamil Nadu.

(With inputs from agencies.)