Ultratech Cement Ltd.

UltraTech Cement is all 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 around Rs 7,600 crore, including debt. For this transaction, UltraTech will issue 59,74,301 new equity shares to the shareholders. This will increase its equity capital to Rs 294.66 crore, consisting of 29.47 crore equity shares of Rs 10 each. The transaction will provide UltraTech with the opportunity to expand its footprint in the highly fragmented, competitive and fast-growing western and southern markets in the country. The transaction is expected to be consummated within 9-12 months subject to regulatory approvals.

Kesoram currently has two integrated cement units at Sedam (Karnataka) and Basantnagar (Telangana) with a total installed capacity of 10.75 million tonnes per annum (MTPA) as well as a 0.66 MTPA packing plant at Solapur, Maharashtra. In 2022-23, Kesoram's turnover from cement operations was Rs 3,533.75 crore. Kesoram Industries’ board of directors has approved a Composite Scheme of Arrangement amongst the Company, and UltraTech Cement and their respective shareholders and creditors for demerger of its cement division into UltraTech and reduction and cancellation of the preference share capital of the Company.

UltraTech Cement is the largest manufacturer of grey cement, Ready Mix Concrete (RMC) and white cement in India.