Moving towards world trend, India will have dominant 3-4 companies controlling substantial cement capacity. Continuing the trend, recently, the Board of Directors of UltraTech approved the purchase of 32.72% equity stake of the promoters & their associates in India Cements Limited.
UltraTech Cement Limited ("Ultratech") is the cement flagship company of the Aditya Birla Group. UltraTech is the third largest cement producer in the world, outside of China, with a total Grey Cement capacity of 154.86 MTPA. The equity shares of Ultratech are listed on nationwide bourses.
India Cement Limited ("India Cement") is engaged in manufacturing of cement. India Cements has a total capacity of 14.45 mtpa of grey cement. Of this, 12.95 mtpa is in the South (particularly Tamil Nadu) and 1.5 mtpa is in Rajasthan.
The equity shares of India Cement are listed on nationwide bourses.
The Recent Transaction:
Mr. Radhakrishna Damani, along with his brother and associate companies, held a 23% stake in India Cements. They began gradually increasing their stake in the company after 2015. Though not clearly stated, Mr. Damani tried hard to get control over India Cements.
Ultratech & India Cement joined hand in April 2024, whereby India Cement announced selling their 1.2 mtpa grinding unit located in Nashik to Ultratech Cement for a consideration of INR 315 crore.
This story is from the August 2024 edition of M & A Critique.
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This story is from the August 2024 edition of M & A Critique.
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