The Competition Commission of India (CCI) has approved Ultratech Cement’s acquisition of India Cements

On Friday, the Competition Commission of India (CCI) approved UltraTech Cement’s acquisition of India Cements, as announced by the antitrust regulator on the social media platform X.

The proposed transaction involves UltraTech Cement acquiring 32.72% of India Cements’ paid-up equity share capital from the promoters and members of the promoter group of India Cements, as well as from Sri Saradha Logistics Pvt Ltd.

Additionally, the CCI granted approval for UltraTech Cement to acquire up to 26% of India Cements’ paid-up equity share capital through an open offer.

Earlier, UltraTech Cement, the flagship company of the Aditya Birla Group, announced its plan to acquire a 32.72% stake in India Cements from the promoters and their associates in a deal valued at ₹3,954 crore. This move is aimed at expanding UltraTech’s presence in the highly competitive and rapidly growing southern cement market, particularly in Tamil Nadu. Additionally, UltraTech has proposed a ₹3,142.35 crore open offer to acquire an additional 26% stake in India Cements Ltd (ICL) from its shareholders.

UltraTech Cement, with an installed capacity of 154.86 million tonnes per annum (MTPA) of grey cement, is the leader in the Indian cement industry. The company aims to become one of the largest cement producers globally, setting a target of 200 MTPA.

In June, UltraTech acquired a 23% stake in India Cements (ICL), purchasing the Damani group’s shares through two block deals valued at around ₹1,900 crore.

India Cements has a total group capacity of 14.45 MTPA of grey cement, with 12.95 MTPA located in the southern region and 1.5 MTPA in Rajasthan.