UltraTech acquires 23% stake in India Cements to compete with Adani

28 Jun 2024 CW Team

UltraTech Cement, led by Kumar Mangalam Birla, is purchasing a 23% stake in Chennai-based India Cements to counter the Adani Group's expansion and strengthen its position in the South Indian cement market.

UltraTech Cement, India's largest cement producer, will pay Rs 267 per share to acquire 70.6 million shares of India Cements, amounting to a Rs 18.85 billion deal. This acquisition will make the Aditya Birla Group the second-largest shareholder in India Cements, which is currently 28.5% owned by its founders. UltraTech has stated that this is a non-controlling investment.

The acquisition comes as cement manufacturers stand to benefit from Prime Minister Narendra Modi's third term, with anticipated increases in infrastructure spending. India is the world's second-largest cement producer.

This move follows the Adani Group's recent acquisition of Hyderabad-based Penna Cement Industries for $1.2 billion, further intensifying competition in the South Indian cement market. The Adani Group became India?s second-largest cement producer in 2022 after acquiring Ambuja Cements, ACC, and several smaller firms.

By acquiring India Cements, UltraTech aims to maintain a strong presence in South India. UltraTech previously increased its market share in the region to 11% by purchasing Kesoram Industries' cement business for Rs 53.79 billion.

UltraTech currently has an annual capacity of 152.7 million tonnes, compared to the Adani Group's 89 million tonnes. UltraTech targets 200 million tonnes by March 2027, while the Adani Group aims for 140 million tonnes by 2028.

The deal also helps UltraTech to further increase its market share in South India by an additional 8%. As of March 2024, UltraTech's market share in the region was estimated at 6%. (Source: HT)

Infrastructure Urban

05 Nov 2025

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..