CCI approves Ultra Tech’s acquisition of Kesoram cement business
The Competition Commission of India (CCI) on Tuesday approved the acquisition of Kesoram Cement Business by UltraTech Cement Limited from Kesoram Industries Limited.
IANS
Mar 19, 2024 11:41
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New Delhi, March 19 (IANS) The Competition Commission of India (CCI) on Tuesday approved the acquisition of Kesoram Cement Business by UltraTech Cement Limited from Kesoram Industries Limited.
The proposed combination relates to the acquisition of the grey cement business of Kesoram Industries Limited by AV Birla Group’s UltraTech Cement Limited pursuant to a composite scheme of arrangement dated 30th November 2023 under the Companies Act, CCI said.
UltraTech, a subsidiary of Grasim Industries Limited, is engaged in the business of the manufacture and sale of grey cement, white cement, ready-mix concrete, clinker, and building products in India. UltraTech is also engaged in the provision of building solutions in India.
Kesoram, a BK Birla Group company, is engaged in the manufacture of grey cement through the Kesoram Cement Business. Kesoram is also engaged in the businesses of rayon, transparent paper, and chemicals in India, which are not part of the proposed combination, the CCI statement added.
