UltraTech’s India Cements Buyout Under CCI Scrutiny
The Competition Commission of India (CCI) is reviewing UltraTech Cement’s proposed acquisition of India Cements. UltraTech Cement announced in an exchange filing that it received communication from the CCI under Section 29 (1) of the Competition Act, 2002 regarding the acquisition.
UltraTech is confident about the merits of the deal, noting that the southern grey cement market, where India Cements operates, remains highly competitive and fragmented, with over 35 manufacturers.
In July, UltraTech announced the acquisition of a 32.72% stake in India Cements from promoters and associates, paying Rs 3,954 crore for the 28.42% stake from the promoters and 4.30% from Sri Saradha Logistics. The acquisition is subject to regulatory approvals.
UltraTech has assured that any vertical relationships between the two companies are non-exclusive and at arm’s length, in the ordinary course of business.
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