New Delhi: The Competition Commission of India (CCI) has approved UltraTech Cement Limited’s acquisition of The India Cements Limited.

The transaction involves UltraTech Cement acquiring 32.72% of the paid-up equity share capital of The India Cements Limited from its promoters, members of the promoter group, and Sri Saradha Logistics Private Limited. Additionally, UltraTech will acquire up to 26% of the paid-up equity share capital of The India Cements Limited through an open offer.

UltraTech Cement is a publicly listed company in India engaged in the manufacture and sale of grey cement, white cement, ready-mix concrete, clinker, and building products. The company also provides building solutions and operates as a subsidiary of Grasim Industries Limited, another publicly listed company.

The India Cements Limited, also publicly listed, operates core businesses in grey cement and ready-mix concrete manufacturing and sales, along with other non-core activities.

BI Bureau