UltraTech Cement’s acquisition of India Cements: A significant milestone achieved, with key progress announced – MSN

UltraTech Cement, a leading cement manufacturer in India, has cleared a major hurdle in its acquisition of India Cements. The Competition Commission of India (CCI) has approved the deal, subject to certain conditions. The acquisition is valued at approximately ₹5,500 crore (approximately $750 million). The deal will help UltraTech Cement expand its presence in the southern region of India, where India Cements has a strong presence. The acquisition will also increase UltraTech’s cement capacity by 11.5 million tonnes per annum. The CCI has imposed certain conditions on the deal, including the requirement that UltraTech Cement divest its stake in a cement plant in Andhra Pradesh. The deal is expected to be completed by the end of 2023. The acquisition is seen as a strategic move by UltraTech Cement to strengthen its position in the Indian cement market and increase its competitiveness.