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CCI Approves UltraTech Cement's Acquisition of India Cements
Competition Commission of India has given a nod in the form of an approved acquisition to UltraTech Cement Limited buying significant stake The India Cements Limited. As per agreement, UltraTech Cement Limited, would acquire 32.72% paid up equity shares of the promoter and a member of the promoter's group Sri Saradha Logistics Private Ltd, that also will take 26% in an open public offer by buying it off from the shareholders. This strategic move positions UltraTech to strengthen its leadership in the Indian cement industry.
UltraTech Cement, a subsidiary of Grasim Industries Limited, is one of the largest cement manufacturers in India. The company produces grey and white cement, ready-mix concrete, and other building materials. UltraTech has a vast distribution network that gives it a leading market share across the country. The acquisition of India Cements will help UltraTech expand its footprint, especially in southern India, where India Cements has a strong presence, and create operational synergies that enhance efficiency and product offerings.
The CCI approved the deal after considering all the implications of the transaction on competition in the market. With the acquisition of India Cements, UltraTech would be able to consolidate its market position with the benefits of economies of scale and better distribution facilities. This would spur long-term growth, as the demand for infrastructure and construction in India is growing continuously, and the overall competitiveness of the Indian cement industry would also benefit from it.
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