The Competition Commission of India (CCI) has approved the acquisition of Kesoram’s Cement Business by UltraTech Cement Limited. The deal is estimated to be valued at ₹7,600 crore, including the debt the company will take on from Kesoram.
The proposed combination relates to the acquisition of the grey cement business of Kesoram Industries Ltd by UltraTech Cement Ltd.
UltraTech Cement, the flagship company of Aditya Birla group, had in November last year announced that it has acquired the cement business of Kesoram Industries in a share-swap deal.
As per the deal, UltraTech will be issuing one share for every 52 shares of Kesoram Industries.
Post-acquisition, UltraTech’s annual cement capacity will reach 149.14 mt, including its overseas operations. The proposed transaction will accelerate UltraTech’s path to achieve the stated goal of 200 million tonnes per annum (mtpa) in India.
