Ultratech to Buy Minority Stake in Star Cement

Leading cement producer UltraTech Cement on Friday said it will acquire a minority stake of 8.69% from the promoters of Meghalaya-based Star Cement in a deal worth up to ₹851 crore.

- Press Trust of India

NEW DELHI/KOLKATA:

UltraTech Cement will pick up stakes from Rajendra Chamaria and his family's holdings, part of the promoter group, people familiar with the matter said.

Only the Chamaria family is selling its stake in the company, while other promoters who control Century Ply remain committed and are not divesting any shares, the people said.

Rajendra Chamaria, when asked for comments, did not deny the development but refrained from divulging further details.