CCI Approves UltraTech's Strategic Acquisition of India Cements

The Competition Commission of India greenlights UltraTech Cement's acquisition plan, involving a significant stake in The India Cements Limited. This strategic move includes acquiring over 32% equity from India Cements' promoters and an open offer for an additional 26%. UltraTech strengthens its cement industry presence.

The Competition Commission of India (CCI) has granted approval for UltraTech Cement Limited's strategic acquisition of The India Cements Limited. This Proposed Combination involves UltraTech, a leading cement company, acquiring 32.72% of the paid-up equity share capital of The India Cements from its promoters and Sri Saradha Logistics Private Limited. Additionally, UltraTech will seek up to 26% of the equity through an open offer.

UltraTech Cement is a publicly listed Indian company and a subsidiary of Grasim Industries Limited. It is heavily involved in the production and sale of grey cement, white cement, ready-mix concrete, and clinker, and provides various building solutions across the country.

With core operations similar to UltraTech, India Cements specializes in manufacturing and selling grey cement and ready-mix concrete. The detailed order from the Commission will be issued soon. (ANI)

(With inputs from agencies.)