India Cements becomes subsidiary of UltraTech

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The story "India Cements becomes subsidiary of UltraTech" was covered 22 hours ago by Times of India, a news publisher based in India.

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Times of India 22h ago

India Cements becomes subsidiary of UltraTech - Times of India

Quick Summary:

UltraTech Cement has acquired a 55.5% stake in India Cements, making it a subsidiary.The acquisition adds 14.5 million tonnes of production capacity to UltraTech's portfolio.

The deal, totaling Rs 3,954 crore, received approval from the Competition Commission of India, amidst India Cements' recent financial challenges.

UltraTech’s aggregate shareholding in the company has increased to 17,19,55,887 equity shares representing 55.5% of the company’s equity share capital including existing shareholding of 7,05,64,656 equity shares (22.8%).