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UltraTech Cement to acquire majority stake in India Cements
The Business Guardian
|July 29, 2024
Ultra Tech Cement’s Board of Directors has approved the purchase of 32.72 per cent equity stake of the promoters and their associates in India Cements, the Aditya Birla Group-owned cement company informed stock exchanges on Sunday.
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Ultra Tech had made a financial investment in India Cements to acquire 22.77 per cent equity at a price of Rs 268 per share in June 2024.
The latest transaction will increase UltraTech’s ownership in India Cements to 55.49 per cent making it a majority shareholder.
UltraTech today said that the promoter group of India Cements “approached us as they wanted to sell their holding in the company, and we found it appropriate to acquire their stake in the company.”
India Cements has a total capacity of 14.45 million tonne per annum of grey cement. Of this, 12.95 mtpa is in the South (particularly Tamil Nadu) and 1.5 mtpa is in Rajasthan.
“The transaction is subject to regulatory approvals,” UltraTech Cement said in the exchange filing after the Board meeting held on Sunday.
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