Cement giants India Cements and UltraTech Cement are under scrutiny by the Competition Commission of India (CCI) over their proposed acquisition deal.

India Cements and UltraTech Cement have received a notice from the Competition Commission of India (CCI) regarding their proposed acquisition deal. The two companies are seeking approval for the acquisition of Bengaluru-based cement maker, Binani Cement, from the Edelweiss Asset Reconstruction Company. The deal is worth around Rs 5,500 crore. The CCI has sought comments from stakeholders on the proposal, stating that it intends to assess the deal’s potential impact on competition in the cement market. The commission has also requested Ultratech Cement to present detailed information regarding the deal, its benefits, and the potential competitive harm it may cause. The notice is part of the CCI’s procedure to ensure that the deal is in compliance with the Competition Act, 2002. If approved, the acquisition would make UltraTech Cement the largest cement player in the country, surpassing Holcim India. The deal is expected to close by the end of 2022. The CCI’s decision is eagerly awaited, as it could have a significant impact on the Indian cement industry.