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Wednesday, May 22, 2024

UltraTech buys Maharashtra asset of India Cements for ₹315 crore

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In Short:

UltraTech Cement, part of Aditya Birla Group, is acquiring a grinding unit in Maharashtra from India Cements for ₹315 crore. This will expand their capacity and presence in Maharashtra markets. They also plan to expand capacity at their Dhule plant. The overall domestic capacity will increase by 3 mtpa after completing expansions, funded through internal accruals. The merger with their subsidiaries has come into effect.

Exciting News: UltraTech Cement to Acquire Grinding Unit and Railway Siding from India Cements

Hey there, folks! Here’s some thrilling news coming your way – UltraTech Cement, part of the esteemed Aditya Birla Group, is all set to acquire a 1.1 million tonne per annum grinding unit and captive railway siding at Parli in Maharashtra from India Cements for a whopping ₹315 crore.

Agreement in Place

Yes, you heard it right! Both UltraTech Cement and India Cements have inked an agreement to make this transaction a reality. The Board of Directors of UltraTech Cement gave their stamp of approval for this deal at a recent meeting.

Expansion Plans

Post the acquisition, UltraTech plans to enhance the grinding capacity at Parli by 1.2 mtpa, making an additional investment of ₹166 crore. This move will not only strengthen the company’s foothold in the fast-growing markets of Maharashtra but also pave the way for further growth.

Brownfield Expansion

But wait, there’s more! UltraTech is all geared up to boost the capacity at its Dhule plant in Maharashtra by 1.8 mtpa, with a handsome investment of Rs 338 crore. This brownfield expansion project will be financed through internal accruals and is expected to be completed by FY’26.

Milestone Achieved

And here’s a major milestone – UltraTech has successfully obtained NCLT approval for the Scheme of Amalgamation of UltraTech Nathdwara Cement, along with its subsidiary companies Swiss Merchandise Infrastructure and Merit Plaza. This merger officially came into effect from April 20.

With this merger, all assets and liabilities of the subsidiaries will be seamlessly transferred to UltraTech, marking a significant development in the company’s journey.

So, there you have it – a glimpse into the dynamic world of UltraTech Cement and its ambitious plans for growth and expansion. Exciting times lie ahead!

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