CCI grants approval for Ultra Tech to acquire Kesoram cement business

New Delhi, March 19 (IANS) The Competition Commission of India (CCI) has approved the acquisition of Kesoram Cement Business by UltraTech Cement Limited from Kesoram Industries Limited. The acquisition is part of a composite scheme of arrangement dated 30th November 2023 under the Companies Act.

The acquisition of Kesoram Cement Business by UltraTech Cement Limited has been given the green light by the CCI. The deal involves the purchase of the grey cement business of Kesoram Industries Limited by UltraTech, a subsidiary of Grasim Industries Limited. UltraTech is known for its manufacture and sale of grey cement, white cement, ready-mix concrete, clinker, and building products in India.

Kesoram, a BK Birla Group company, is currently involved in the manufacture of grey cement through the Kesoram Cement Business. However, the company is also engaged in other businesses such as rayon, transparent paper, and chemicals in India, which are not part of the proposed acquisition. The acquisition is expected to further strengthen UltraTech’s position in the cement industry in India.