UltraTech Buys 8.69% Stake in Star Cement for Rs 8.51 Bn

30 Dec 2024 CW Team

UltraTech Cement Ltd has acquired an 8.69 per cent stake in Star Cement Ltd from its promoter group for Rs 8.51 billion. The transaction, conducted via the block deal window, saw shares purchased at Rs 235 per share, as per an exchange filing on December 27. UltraTech clarified that the acquisition is a non-controlling minority stake in Star Cement.

Star Cement, headquartered in Meghalaya, reported a turnover of Rs 29.1 billion for the financial year 2024. The company holds a dominant 26.5 per cent market share in the northeastern cement market, supported by a grinding capacity of 7.7 million tonne per annum (MTPA) and clinker capacity of 6.1 MTPA. Its distribution network includes approximately 2,000 dealers and over 12,500 retailers. Premium sales account for 10.6 per cent of the company’s overall sales.

In addition to this stake acquisition, UltraTech recently acquired a controlling 32.72 per cent stake in India Cements, triggering an open offer priced at Rs 390 per share. The deal made India Cements a subsidiary of UltraTech, adding 14.5 million tonne (mn t) to UltraTech’s production capacity.

Star Cement has also been expanding its resource base and operations. In the September quarter, the company emerged as the preferred bidder for six limestone blocks in Rajasthan’s Beawar district, with estimated geological reserves of 63.9 mn t spread across 95.68 hectare. Additionally, the company is setting up new units in Silchar and Jorhat districts of Assam, with a planned capital expenditure of Rs 3.80 billion for the second half of the financial year.

The strategic acquisition by UltraTech further consolidates its position in the Indian cement market while providing exposure to Star Cement’s strong presence in the north-eastern region.

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..