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In the grinding battle for cement, UltraTech makes a big move in the south

Livemint

Livemint · 1y ago

In the grinding battle for cement, UltraTech makes a big move in the south

UltraTech Cement has acquired a 32.72% stake in India Cements from its promoters for INR 3,954 crore ($531 million), as part of its expansion strategy. UltraTech will also launch an open offer to acquire an additional 26% stake in India Cements. With this acquisition, UltraTech's total shareholding in India Cements will reach 81.49%. The deal comes after UltraTech purchased a 22.77% stake in India Cements in June. The transaction allows UltraTech to better serve the southern markets and further increase its capacity.

Related News

Adani-owned Ambuja Cements buys south Indian rival for $1.25 bn

VCCircle

VCCircle · 1y ago

Adani-owned Ambuja Cements buys south Indian rival for $1.25 bn

Ambuja Cements, owned by the Adani group, has acquired Penna Cement Industries for $1.25 billion. This move is aimed at expanding their presence in South India and competing with market leader UltraTech Cement. The deal will increase Adani Cement's market share by 2% across India and 8% in South India. Ambuja Cements will fund the acquisition through internal accruals. Cement makers in India are focusing on increasing production to meet the growing demand in the construction sector.

UltraTech buys 23% stake in India Cements for $226 mn

VCCircle

VCCircle · 1y ago

UltraTech buys 23% stake in India Cements for $226 mn

UltraTech Cement, India's top cement producer, has announced its acquisition of a 23% stake in India Cements for $226 million. The deal will see UltraTech purchase 70.6 million shares of India Cements for up to 267 rupees each. This move comes as UltraTech aims to secure a larger market share, competing with other cement giants such as Ambuja and ACC, both part of the Adani group. Earlier this month, Ambuja acquired Penna Cement Industries for $1.25 billion.

N. Srinivasan sells his stake in ICL to UltraTech, cements his gritty legacy | Mint

Livemint

Livemint · 1y ago

N. Srinivasan sells his stake in ICL to UltraTech, cements his gritty legacy | Mint

N. Srinivasan, the vice-chairman of India Cements Ltd, has sold the promoters' stake in the company to UltraTech Cement Ltd for ₹3,955 crore. This move marks the end of an era in the cement industry and concludes Srinivasan's successful tenure as a cricket administrator and businessman. Over the years, Srinivasan was involved in legal battles, acquisitions, and expansions to grow ICL's cement capacity. However, he faced challenges due to a fractured market and inefficient production methods. Nevertheless, he played a significant role in holding the cement industry together in the south and negotiating wage settlements with trade unions.

UltraTech buys stake in Star Cement for up to $100 mn

VCCircle

VCCircle · 7m ago

UltraTech buys stake in Star Cement for up to $100 mn

UltraTech Cement, a leading cement producer in India, has announced its acquisition of an 8.69% stake in Star Cement. The deal, valued at up to $100 million, will further strengthen UltraTech's position in the cement sector. UltraTech will pay a maximum price of 235 rupees per share, a 2% premium to Star Cement's closing price. This move comes as Adani Group, a new player in the cement industry, poses a challenge to UltraTech's dominance. Star Cement's shares rose by 7% following the announcement.

It's battleground South India as UltraTech announces acquisition of India Cements

Money Control

Money Control · 11m ago

It's battleground South India as UltraTech announces acquisition of India Cements

UltraTech Cement, India's largest cement maker, plans to acquire a majority stake in India Cements in a bid to expand its presence in Southern India. The move is aimed at breaking into a market dominated by regional players with strong brand recognition and dealership networks. The acquisition is subject to regulatory clearances and may intensify the competition for market leadership in Southern India, with rival Adani Cement also eyeing acquisitions and expansions. UltraTech Cement currently has an operational capacity of 149.5 million tonnes per annum (MTPA) in India and aims to reach 183.5 MTPA by 2027.

UltraTech Cement board approves 32.72% acquisition of India Cements

Livemint

Livemint · 1y ago

UltraTech Cement board approves 32.72% acquisition of India Cements

UltraTech Cement has received approval from its Board of Directors to purchase a 32.72% equity stake in India Cements. The deal, worth ₹3,954 crore, will see UltraTech pay ₹390 per share. This purchase will also trigger a mandatory open offer. India Cements has a total capacity of 14.45 mtpa of grey cement. The transaction is subject to regulatory approvals. UltraTech Cement's Chairman, Kumar Mangalam Birla, stated that the company's investments, both organic and inorganic, have propelled India's growth in the building solutions sector.

UltraTech lines up Rs 10,000 cr capex for FY26 to bolster capacity

Economic Times

Economic Times · 11d ago

UltraTech lines up Rs 10,000 cr capex for FY26 to bolster capacity

UltraTech Cement plans to invest Rs 10,000 crore in FY26 to expand capacity and improve efficiency. The company achieved a significant capacity milestone of 188.8 MTPA and aims for 200 MTPA soon, driven by acquisitions like India Cements and Kesoram Industries. UltraTech expects cement demand growth of 6-7% in FY26, bolstered by government infrastructure investments. Despite recent market challenges, they foresee higher volume growth, improved margins, and a reduced net debt to EBITDA ratio.

Gautam Adani’s Ambuja Cements draws up $9-billion war plan for Ultratech battle

Livemint

Livemint · 1y ago

Gautam Adani’s Ambuja Cements draws up $9-billion war plan for Ultratech battle

Billionaire Gautam Adani plans to invest $9 billion in Ambuja Cements to surpass Aditya Birla Group's Ultratech Cement as India's largest cement-maker. The plan involves increasing Ambuja Cements' capacity to at least 180 million tonnes per annum in the next three years. The Adani group aims to leverage Ambuja's cash reserves and additional capital to augment production capacity. The expansion plan includes acquisitions and investments. However, industry analysts suggest that Ultratech Cement also has expansion plans, and Ambuja Cements may take longer to surpass their capacity.

UltraTech Cement Q2 sales rise 16% YoY to 26.69 MT

Livemint

Livemint · 1y ago

UltraTech Cement Q2 sales rise 16% YoY to 26.69 MT

UltraTech Cement reported a 15.54% year-on-year growth in consolidated sales, reaching 26.69 million tonnes in the second quarter of FY24. The company's domestic sales volume increased by 15.37% to 25.66 million tonnes, while its overseas sales rose by 21.64% to 1.18 million tonnes. UltraTech Cement currently has a consolidated capacity of 137.85 million tonnes per annum. The company's share price remained steady over the past three months, with a year-to-date gain of over 18%.

Ambuja and ACC: Are wedding bells ringing?

Livemint

Livemint · 10m ago

Ambuja and ACC: Are wedding bells ringing?

- Adani group is considering merging Ambuja Cements Ltd and ACC Ltd into a single entity, creating a cement behemoth worth over ₹2 trillion. - Jefferies and Axis Capital have been appointed to advise on the merger, which would be the largest in India's cement industry. - The merger is likely to be executed through a share swap, with the combined entity named Adani Cement Ltd. - The goal of the merger is for Adani Cement Ltd to become India's top cement maker by 2028, surpassing Ultratech Cement Ltd. - The merger may also include Sanghi Industries to bring all listed cement-making firms under one entity. - Procedural challenges related to the transfer of mining and leasing rights may arise during the merger process.

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