BENGALURU (Reuters) – India’s antitrust watchdog on Friday approved UltraTech Cement’s acquisition of India Cements.
The country’s cement sector has seen a host of deals recently as billionaire Gautam Adani’s ports-to-power conglomerate aims to challenge UltraTech Cement’s pole position in the segment.
UltraTech Cement, part of the Aditya Birla group, signed a $472 million deal to gain control of India Cements, to bolster its position in the country’s southern states and help it meet its production target of 183.5 million metric tons by fiscal year 2027.
This was in addition to an initial 23% stake UltraTech bought in India Cements in June.
(Reporting by Nishit Navin in Bengaluru; Editing by Mrigank Dhaniwala and Devika Syamnath)
