UltraTech Cement acquires majority stake in India Cements

UltraTech Cement has made a significant move to solidify its market position by acquiring nearly one-third more shares in India Cements. With this strategic purchase, billionaire Kumar Mangalam Birla’s company aims to gain control over India Cements to compete against rivals like the Adani Group. India’s largest cement manufacturer is paying 39.54 billion rupees (approximately 472 million USD) for the acquisition of an additional 32.72% stake in India Cements. This acquisition was announced in a stock exchange filing on Sunday. The founders of India Cements sold 28.42% of their shares, while the remaining portion came from another shareholder, Sri Saradha Logistics. Back in June, Birla’s company had already acquired nearly a 23% stake. With the current transaction, UltraTech Cement now holds 55.5% of the shares in the Chennai-based cement company. Through this targeted acquisition, UltraTech Cement further strengthens its leading position in the Indian cement sector and enhances its competitiveness in a market increasingly characterized by aggressive new entrants.