CosmicTaco

UltraTech Cement Acquires Majority Stake in India Cements

CosmicTaco · 2024-12-25T22:49:54.179781+05:30

- UltraTech Cement completed a ₹7,000-crore acquisition of a 32.72% stake in India Cements, increasing its total shareholding to 55.49%. - India Cements' CEO N Srinivasan and several board members resigned following the acquisition, with new directors appointed to the board. - The Competition Commission of India approved the acquisition and an open offer for additional shares, solidifying UltraTech's majority control. Source: [Mint](https://www.livemint.com/companies/news/india-cements-board-undergoes-rejig-ceo-n-srinivasan-resigns-after-ultratechs-acquisition-deal-details-here-11735134204632.html), [Mint](https://www.livemint.com/companies/news/n-srinivasan-resigns-as-ceo-md-of-india-cements-after-cci-approves-rs-7-000-crore-ultratech-deal-11735133105640.html), [Business News India](https://www.businesstoday.in/industry/story/n-srinivasan-resigns-as-ceo-md-of-india-cements-after-cci-clears-rs-7000-cr-ultratech-deal-458495-2024-12-25)

UltraTech Cement completed a ₹7,000-crore acquisition of a 32.72% stake in India Cements, increasing its total shareholding to 55.49%.
India Cements' CEO N Srinivasan and several board members resigned following the acquisition, with new directors appointed to the board.
The Competition Commission of India approved the acquisition and an open offer for additional shares, solidifying UltraTech's majority control.

Source: Mint, Mint, Business News India