CCI approves acquisition of Kesoram Cement Business from Kesoram Industries Limited by UltraTech Cement

UltraTech Cement Approves Acquisition of Kesoram Cement Business: The Competition Commission of India (CCI) has approved the acquisition of Kesoram Cement business from Kesoram Industries Limited by UltraTech Cement Limited. The detailed order of CCI will be issued soon. The deal has been cleared by CCI's approval for the acquisition of Kesoram Cement business by UltraTech Cement Limited from Kesoram Industries Limited.

UltraTech Cement had announced the deal on December 1st

UltraTech Cement Limited had announced to buy the cement business of Kesoram Industries Limited on December 1, 2023. With this decision, it was said that there would be a tremendous increase in the cement production capacity of UltraTech.

These things came to light at the time of the deal

UltraTech will spend Rs 7600 crore on this deal and this deal will be completed in about a year. Under the deal, one share of UltraTech will be given in exchange for 52 shares of Kesoram. With this deal, UltraTech will not only become the world's third largest cement producer, but will also help it deal with the challenge from Adani Group.

On what basis has CCI approval been given?

Kesoram produces gray cement through Kesoram Cement business. Kesoram also has businesses in rayon, transparent paper and chemicals in India, which are not part of the proposed combination. The proposed combination is the acquisition of the gray cement business of Kesoram Industries Limited by UltraTech Cement Limited in accordance with an overall scheme and implementation agreement dated November 30, 2023 under sections 230 to 232 of the Companies Act, 2013 (the Scheme). Is linked to the acquisition of.

Know about UltraTech Cement

UltraTech is a public listed company in India and is engaged in manufacturing and selling of gray cement, white cement, ready-mix concrete, clinker and building products in India. UltraTech also offers building solutions in India. UltraTech is a subsidiary company of Grasim Industries Limited.

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