India's Ultratech Cement to set aside $3.9 bln for capex over three years (updated)

Kesoram Industries

02/04/2024 16:19

(Adds details, background from paragraph 2)
       BENGALURU, April 2 (Reuters) - India's Ultratech Cement
 ULTC.NS  said on Tuesday it would set aside 324 billion rupees
($3.89 billion) for ongoing capital expenditure over the next
three years.
    The move follows increased deal-making in India's cement
industry since nearest rival Adani Group bought ACC  ACC.NS  and
Ambuja Cements  ABUJ.NS , as well as strong demand from the
housing and infrastructure sectors on government spending.
    Ultratech also revealed on Tuesday the commissioning of two
new cement units, bringing its total capacity to 151.6 metric
tonnes per annum (MTPA), compared to the Adani Group's 76.1 mtpa
as of end-2023.
    The company, part of the Aditya Birla Group, also said it
was in the process of closing its $645 million acquisition of
Kesoram Cement  KSRM.NS .


($1 = 83.3460 Indian rupees)

 (Reporting by Nandan Mandayam in Bengaluru; Editing by Anil
D'Silva and Ravi Prakash Kumar)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))