CCI approves UltraTech Cement Limited’s acquisition of The India Cements Limited

Competition Commission of India (CCI) has approved UltraTech Cement Limited’s acquisition of The India Cements Limited.

The Proposed Combination envisages UltraTech Cement Limited’s (UltraTech/Acquirer) acquisition of (i) 32.72% of the paid-up equity share capital of The India Cements Limited (India Cements/Target) from the promoters and members of the promoter group of India Cements and Sri Saradha Logistics Private Limited, and (ii) up to 26% of the paid-up equity share capital of India Cements by way of an open offer.

UltraTech is a public listed company in India and is engaged in the business of the manufacture and sale of grey cement, white cement, ready-mix concrete, clinker, and building products in India. UltraTech is also engaged in the provision of building solutions in India. UltraTech is a subsidiary of Grasim Industries Limited, a public listed company.

India Cements is a public listed company in India and operates both core and non-core businesses. The core business of India Cements is the manufacture and sale of grey cement and ready mix concrete.

Detailed order of the Commission will follow.