UltraTech Cement in an exchange filing has informed that the Company has received a communication from the CCI under Section 29 (1) of the Competition Act, 2002 regarding the proposed acquisition of India Cements."The company will be responding to the same. The Southern market for grey cement, where India Cement operates, is highly competitive and fragmented with presence of over 35 grey cement manufacturers. We are confident of merits of our case," UltraTech Cement said in the exchange filing. The nature of the issue raised by the regulator is not known yet.The India's largest cement maker in July announced acquisition of a 32.72% stake in Chennai-based India Cements from promoters & their associates. The Aditya Birla Group company would pay ₹3,954 crore at ₹390 share for buying 28.42% stake of promoters --Srinivasan N, Chitra Srinivasan, Rupa Gurunath and S K Asokh Baalaje and 4.30% share from Sri Saradha Logistics. The acquisition is subject to regulatory approvals.In its submission to CCI, UltraTech said "there exist some insignificant and minuscule vertical relationships between UltraTech and India Cements on a nonexclusive and arm's length basis, in the ordinary course of business."

UltraTech's India Cement buyout under CCI scrutiny

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is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 88 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.

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which gives digital readers unlimited access to 9,000+ magazines and newspapers for a monthly subscription price. Magzter also has the largest number of stories in the world with its game-changing ezRead 2.0 feature for its apps, which enables smartphone and small-screen mobile users to enjoy magazine content the way it was meant to be enjoyed, with article text that is easy to read and is accompanied by stunning videos and high resolution photography.

{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 88 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.