The Competition Commission of India (“CCI”) approved the acquisition of UltraTech Cement Limited (“UltraTech”), with the India Cements Limited, vide Press Release No. 87/2024-2025, dated December 20, 2024. UltraTech, a public listed company specializes in the manufacture and sale of grey cement, white cement, ready-mix concrete, clinker, and various building products within the country. Additionally, UltraTech offers building solutions and is a subsidiary of Grasim Industries Limited, another publicly listed entity. India Cements Limited (“India Cements”), also a publicly listed company in India, is involved in both core and non-core businesses. The core operations focus on the manufacture and sale of grey cement and ready-mix concrete.
The proposed transaction involves UltraTech acquiring (i) 32.72% of the paid-up equity share capital of the India Cements from the promoters and members of the promoter group of India Cements, as well as Sri Saradha Logistics Private Limited, and (ii) up to 26% of the paid-up equity share capital of India Cements through an open offer.
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