UltraTech Cement has received approval from Competition Commission of India (CCI) to acquire Kesoram Cement business from Kesoram Industries. Kesoram Industries is engaged in the manufacture of grey cement through the Kesoram Cement Business. The proposed combination relates to the acquisition of the grey cement business of Kesoram Industries by UltraTech Cement pursuant to a composite scheme of arrangement dated November 30, 2023.
In November last year, UltraTech Cement disclosed it was set to acquire the cement business of BK Birla Group's flagship company Kesoram Industries in an all-share deal, with a business valuation of approximately Rs 7,600 crore, including debt.
UltraTech Cement is the largest manufacturer of grey cement, Ready Mix Concrete (RMC) and white cement in India.
