IANS | 20 Mar, 2024
The Competition Commission of India (CCI) on Tuesday approved the
acquisition of Kesoram Cement Business by UltraTech Cement Limited from
Kesoram Industries Limited.
The proposed combination relates to the acquisition of the grey
cement business of Kesoram Industries Limited by AV Birla Group’s
UltraTech Cement Limited pursuant to a composite scheme of arrangement
dated 30th November 2023 under the Companies Act, CCI said.
UltraTech,
a subsidiary of Grasim Industries Limited, is engaged in the business
of the manufacture and sale of grey cement, white cement, ready-mix
concrete, clinker, and building products in India. UltraTech is also
engaged in the provision of building solutions in India.
Kesoram, a
BK Birla Group company, is engaged in the manufacture of grey cement
through the Kesoram Cement Business. Kesoram is also engaged in the
businesses of rayon, transparent paper, and chemicals in India, which
are not part of the proposed combination, the CCI statement added.
