UItratech Cement's acquisition of a 23 per cent stake in Tamil Nadu-based India Cements is another instance of growing consolidation in the cement market in India.
The deal will raise Ultratech's share, based on India Cements' revenues in FY24, in the domestic market by 230 basis points if the latter is formally acquired by the former in due course.
India Cements' share was up 11.5 per cent on Thursday on market expectations of an open offer.
India Cements reported net sales of ₹5,112.2 crore in FY24 with a market share in revenue of 2.3 per cent. It is the biggest player in southern India after The Ramco Cement, which reported net sales of 9376.4 crore in FY24.
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