Connect with us

Business & Finance

UltraTech Cement to purchase Maharashtra asset from India Cements for ₹315 crore

Published

on

UltraTech Cement to acquire India Cements’ Maharashtra asset for ₹315 crore

UltraTech Cement, a leading company of Aditya Birla Group, has agreed to acquire a 1.1 million tonne per annum grinding unit and captive railway siding at Parli in Maharashtra from India Cements for ₹315 crore. The deal was approved by the Board of Directors of UltraTech Cement in a meeting held on Saturday. After the acquisition, UltraTech plans to expand the grinding capacity at Parli by 1.2 mtpa with an investment of ₹166 crore, which will help strengthen its presence in the growing Maharashtra markets.

Additionally, UltraTech will also expand the capacity at its Dhule plant in Maharashtra by 1.8 mtpa with an investment of Rs 338 crore. The brownfield expansions will be funded through internal accruals and are expected to be completed by FY’26. This move will increase the overall domestic capacity by 3 mtpa, bringing it to 150.3 mtpa from the current 147.3 mtpa, including the acquired Parli unit.

The company has also received approval from the National Company Law Tribunal (NCLT) for the Scheme of Amalgamation of UltraTech Nathdwara Cement and its subsidiaries with itself. The merger took effect on April 20, and all assets and liabilities of the three subsidiaries will be transferred to UltraTech. This strategic acquisition and merger will further solidify UltraTech Cement’s position in the market and contribute to its growth in the future.

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Trending