India's UltraTech Cement enters wires and cables business with $190.5 million investment (updated)
UPDATE 1-India's UltraTech Cement enters wires and cables business with $190.5 million investment Adds details and background throughout
Sept 3 (Reuters) - India's UltraTech Cement ULTC.NS on Thursday launched its wires and cables business, Ultravolt, with a planned investment of 18 billion rupees ($190.5 million), marking the Aditya Birla Group's fourth new business foray in three years.
Here are more details:
Ultravolt, which is set for a nationwide rollout targeting more than 100,000 retailers, plans to be the second-largest player in the wires segment within five years.
It will set up a new Gujarat manufacturing plant and leverage UltraTech's distribution network to rapidly scale its wires and cables business, Director Dilip Gaur said.
Billionaire Kumar Mangalam Birla's paints venture, Birla Opus, has disrupted the paint market in the country since its launch in 2024 and gained a substantial market share from rival Asian Paints ASPN.NS.
"In recent years, successful new business creation has itself become a core part of the Group's DNA and an important source of differentiation for the group," Birla said.
($1 = 94.4850 Indian rupees)
(Reporting by Urvi Dugar in Bengaluru; Editing by Shreya Biswas)
((UrviManoj.Dugar@thomsonreuters.com; +91 9558725583;))
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