M&A M&A
UltraTech Cement buys 33% in India Cements for Rs.3,954-Cr to hike holding to 55%
Source Economic Times (opens in a new tab)BSE Announcement (opens in a new tab)
UltraTech Cement, an Aditya Birla Group company, has acquired a 32.72% stake from the promoters and their associates from fellow publicly listed, Chennai-headquartered India Cements for INR 3,954 crore. The acquisition was made at INR 390 per share.In June, UltraTech had acquired 22.77% in India Cements at INR 268 per share, (for about INR 1,885 crore).India Cements boasts a total capacity of 14.45 million tonnes per annum (mtpa) of grey cement, with 12.95 mtpa in Tamil Nadu and 1.5 mtpa in Rajasthan.