UltraTech, Ambuja in hunt for more cement assets

The Aditya Birla group's UltraTech and billionaire Gautam Adani-owned Ambuja Cements are scouting for more cement sector assets after a string of acquisitions by both cash-rich companies, bankers said. UltraTech, owned by billionaire Kumar Mangalam Birla, bowed out of the race for Orient Cement, a CK Birla-owned company, as it found the asking price too expensive after due diligence, they said.

- DEV CHATTERJEE

Also after the acquisition of Kesoram and India Cements, UltraTech was more keen to digest both acquisitions and avoid overlap by acquiring any new asset. “Both firms are quite aggressive in expanding capacity via mergers and acquisitions and are making good offers to other firms, especially owned by private equities. In the case of Orient, Ambuja offered a better deal than other bidders,” said a banker close to the transaction. Orient Cement share price went up by 70 per cent in