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UltraTech Cement Secures Approval to Acquire Majority Stake in India Cements

UltraTech Cement Secures Approval to Acquire Majority Stake in India Cements

UltraTech Cement, led by billionaire Kumar Mangalam Birla, has received the Competition Commission of India's (CCI) approval to acquire a majority stake in India Cements. The acquisition involves purchasing 32.72% of India Cements' equity from its promoters and up to an additional 26% through an open offer, totaling over ₹7,000 crore. This strategic move aims to strengthen UltraTech's presence in southern India's cement market, enhancing its market leadership. UltraTech, a subsidiary of Grasim Industries, is a leading manufacturer of grey cement, white cement, and related products in India. India Cements, based in Chennai, operates primarily in the manufacturing and sale of grey cement and ready-mix concrete.

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