The Competition Commission of India (CCI) has approved acquisition of Kesoram Cement Business from Kesoram Industries Limited by UltraTech Cement Limited.

The proposed combination relates to the acquisition of the grey cement business of Kesoram Industries Limited by UltraTech Cement Limited pursuant to a composite scheme of arrangement dated 30^th November 2023 under Sections 230 to 232 of the Companies Act, 2013 (Scheme) and the Implementation Agreement dated 30^th November 2023 (Proposed Combination).

UltraTech is a public listed company in India and 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. UltraTech is a subsidiary of Grasim Industries Limited.

Kesoram 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.

Detailed order of the CCI will be issued soon.

Competition approval for acquisition of grey cement business under composite scheme enables transfer of specified cement assets. Competition approval was granted for UltraTech Cement Limited to acquire the grey cement business of Kesoram Industries Limited under a composite scheme of arrangement and an implementation agreement dated 30 November 2023, permitting transfer of the specified cement assets while excluding Kesoram's rayon, transparent paper and chemicals businesses; a detailed CCI order will be issued.