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LOOKING SOUTH
Business Today India
|July 21, 2024
UltraTech and the Adani Group are racing for cement capacity expansion in the southern part of India
INDIA'S CEMENT SECTOR has seen a lot of activity in the past couple of years. Deal flow has been unprecedented, with the latest being UltraTech Cement picking up a stake in India Cements. The Kumar Mangalam Birla-promoted UltraTech, the largest cement maker of the country with an installed capacity of close to 150 million tonnes per annum (mtpa), picked up a 23% stake in the Chennai-based India Cements-led by N. Srinivasan, who is a former president of the Board of Control for Cricket in India (BCCI)-for ₹1,900 crore. UltraTech has made it clear that this is a "non-controlling financial investment", while it has been reported that the stake was bought from DMart Founder Radhakishan Damani and his associates.
DOUBLING CAPACITY
UltraTech Cement picked up a stake in India Cements, which, along with its earlier acquisition of Kesoram Industries, will more than double its capacity in south India
This story is from the July 21, 2024 edition of Business Today India.
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