CHENNAI: Just a fortnight after the Competition Commission of India (CCI) issued notices to India Cements and UltraTech Cement over the acquisition deal, the fair trade regulator has given its nod for the acquisition.
In a statement on Friday, the CCI said the proposed combination envisages UltraTech Cement acquisition of 32.7% of the paid-up equity share capital of The India Cements from the promoters and members of the promoter group of the company and Sri Saradha Logistics and up to 26% of the paid-up equity share capital of India Cements by way of an open offer.
On Dec 6, 2024, UltraTech Cement and India Cements informed the stock exchange that notices have been received from the CCI over the latter’s takeover by billionaire Kumar Mangalam Birla’s company.
The cement majors were issued notices under Section 29(1) of the Competition Act, 2002, which pertains to the procedure for investigation of combination.
In July, India’s largest building materials maker Birla struck a deal with India Cements vice-chairman & MD N Srinivasan and his family to acquire their cement business for Rs 3,954 crore. The acquisition was subject to various approvals, including that of the CCI.
