India competition watchdog approves UltraTech Cement's acquisition of India Cements (updated)

India Cements

20/12/2024 13:06

(Adds background in paragraph 2-4)
       BENGALURU, Dec 20 (Reuters) - India's antitrust watchdog
on Friday approved UltraTech Cement's  ULTC.NS  acquisition of
India Cements  ICMN.NS .
    The country's cement sector has seen a host of deals
recently as billionaire Gautam Adani's ports-to-power
conglomerate aims to challenge UltraTech Cement's pole position
in the segment.
     UltraTech Cement, part of the Aditya Birla group, signed a
$472 million deal to gain control of India Cements, to bolster
its position in the country's southern states and help it meet
its production target of 183.5 million metric tons by fiscal
year 2027.
    This was in addition to an initial 23% stake UltraTech
bought in India Cements in June.
    
        
    

 (Reporting by Nishit Navin in Bengaluru; Editing by Mrigank
Dhaniwala and Devika Syamnath)
 ((Nishit.Navin@thomsonreuters.com))