UltraTech set to acquire 23% in India Cements

The transaction will make the Aditya Birla Group firm the second-largest shareholder in India Cements, trailing only the founders, who own 28.5%. — Reuters

New Delhi: UltraTech Cement Ltd, owned by billionaire Kumar Mangalam Birla, will acquire a 23% stake in India Cements for about US$226mil, intensifying consolidation in a sector that’s crucial for the country’s infrastructure development.

UltraTech will pay as much as 267 rupees a share to purchase 70.6 million shares of the Chennai-based India Cements, the Birla group company said in an exchange filing.