The Competition Commission of India has approved UltraTech Cement's proposed acquisition of South-based India Cements, it said in a release on Friday. UltraTech is the largest producer of cement in the country.
After acquiring a 23% non-controlling financial stake in India Cements in June, UltraTech acquired around 33% stake in the company in July and will also make an open offer to acquire an additional up to 26% stake in the company. A detailed order from the Commission will follow, the regulator said in its release.
UltraTech Cement Limited is an Indian multinational cement company based in Mumbai. It is the largest manufacturer of grey cement, ready-mix concrete (RMC) and white cement in India and 5th largest around the globe with an installed capacity of 152.70 million tonnes per annum and 119 million tonnes per annum sales volume.
The India Cements Limited is a cement manufacturing company based in Chennai. It is the 9th largest listed cement company in India by revenue. The company is headed by former International Cricket Council chairman and Board of Control for Cricket in India president N. Srinivasan.
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