Aditya Birla Group and adani are competing with each other...
Aditya Birla Group's UltraTech Cement has chosen to pay Rs 1885 crore for a 23% share in india Cement Limited, a South indian cement firm. At a cost of Rs 267 per share, the business will purchase this portion of india Cement Limited. The UltraTech Cement Board of Directors approved the acquisition of 7.06 crore shares of india Cement at a meeting on Thursday, june 27, before the opening of the stock market.
Transparency in the transaction
In a regulatory document submitted to the stock exchanges, UltraTech Cement said that it had acquired a 23% share in india Cement. Following the revelation that UltraTech Cement is purchasing this portion of india Cement, there has been conjecture that the business may be able to purchase india Cements as well. N Srinivasan owns a company called india Cements, in which the promoter group owns a 28.42% share. The company's vice chairman and managing director is N Srinivasan.
Competition for supremacy in the cement industry
UltraTech Cement, the biggest cement manufacturer in the nation, plans to acquire a 23% share in india Cements. In South india, india Cements is a well-known brand in the cement industry. Penna Cement was recently acquired by gautam Adani's Ambuja Cement for a sum of Rs 10,422 crore. Aditya Birla Group and adani Group are vying for supremacy in the cement industry, and in the days ahead, other acquisitions of cement-related businesses can surface. UltraTech Cement is purchasing a 23% share in india Cement as part of this plan. Nevertheless, the business refers to it as a financial investment in the regulatory filing. We'll close this deal within the following month.
The investment made by Radhakishan Damani in india Cements
Whom UltraTech Cement is purchasing that 23 percent interest from has not been revealed in the exchange filing. Nonetheless, Radhakishan Damani, the founder of Dmart and an investor, and his family own a 25.58 percent stake in india Cement. Aside from this, lic owns a 3.6% interest. india Cement began operations in 1946. Looking at the company's turnover during the last three fiscal years, we can see that it was Rs 4858 crore in 2021–2022; Rs 5608 crore in 2022–2023; and Rs 5112 crore in 2023–2024.
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S Venkateshwari

27/06/2024 07:21 PM