Delhi Delhi. In a landmark development for the cement business in India, the Competition Commission of India or CCI approved the much-discussed acquisition of India Cements by UltraTech Cement. Investors have welcomed the decision, as both the companies traded in intraday trade on Monday, December 23. Shares are trading in the green. Aditya Birla Group-owned UltraTech Cement is the country's largest cement maker. Meanwhile, India Cements, founded by N Srinivasan, is a major cement maker in South India. The name is.
In the early hours of the day's trading, shares of India Cements rose by more than 7 percent, while UltraTech rose by about 1 percent. Once the deal is successful, UltraTech's influence in the broader market is expected to increase , because it will be possible to establish a foothold in South India through Chennai-based India Cements. The deal had its origins in July this year, when reports said that UltraTech's board of directors had approved N. It has given green signal to the acquisition of 32.71 percent stake in promoters like Srinivasan. India Cements has a total capacity of 14.45 million tonnes per annum (MTPA) of gray cement. When we take a closer look at the stocks of cement companies, India Cements was the top gainer on Dalal Street by a huge margin. At the time of writing this article, the company's shares improved their position compared to the beginning of the day. There was a huge increase of 8.99 percent or Rs 30.50.
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