Competition Commission of India (CCI) has approved UltraTech Cement Limited’s acquisition of The India Cements Limited.

The Proposed Combination envisages UltraTech Cement Limited’s (UltraTech/Acquirer) acquisition of (i) 32.72% of the paid-up equity share capital of The India Cements Limited (India Cements/Target) from the promoters and members of the promoter group of India Cements and Sri Saradha Logistics Private Limited, and (ii) up to 26% of the paid-up equity share capital of India Cements by way of an open offer.

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, a public listed company.

India Cements is a public listed company in India and operates both core and non-core businesses. The core business of India Cements is the manufacture and sale of grey cement and ready mix concrete.

Detailed order of the Commission will follow.

Merger approval: Acquisition of stake in rival cement maker cleared, including promoter share purchase and open offer. Combination approval was granted for UltraTech Cement Limited's acquisition of a significant equity stake in The India Cements Limited through a promoter-block purchase and an associated open offer; both parties operate in the manufacture and sale of grey cement and ready-mix concrete and a detailed order will follow.