UltraTech Cement has informed the exchange that it will buy the cement business of Kesoram Industries. This acquisition will help UltraTech to increase its capacity in the cement business.
Kesoram said that it has approved the proposal to merge its cement business through exchange of shares.
Kesoram Industries has approved the demerger scheme of the cement division. After this, the cement division will be merged into UltraTech. For every 52 shares of Kesoram Industries, you will get 1 share of UltraTech.
Kesoram has two cement units at Sedam in Karnataka and Basantnagar in Telangana with a total capacity of 10.7 million tonnes and a packing plant at Solapur, Maharashtra with a capacity of 6.6 lakh tonnes.
UltraTech Cement is the flagship cement company of Aditya Birla Group. Outside China, UltraTech is the world’s third-largest cement producer with revenues of US$7.2 billion. Whose total grey-cement capacity is 137.85 MTPA.
UltraTech believes that after this acquisition it will be easier to achieve the target of 200 million tonnes of annual cement production in India.
