{"id":199186,"date":"2024-12-20T14:12:38","date_gmt":"2024-12-20T14:12:38","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/12\/20\/ultratech-cement-gets-ccis-clearance-to-acquire-majority-stake-in-india-cements-times-of-india\/"},"modified":"2024-12-20T14:12:38","modified_gmt":"2024-12-20T14:12:38","slug":"ultratech-cement-gets-ccis-clearance-to-acquire-majority-stake-in-india-cements-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/12\/20\/ultratech-cement-gets-ccis-clearance-to-acquire-majority-stake-in-india-cements-times-of-india\/","title":{"rendered":"UltraTech Cement gets CCI&#8217;s clearance to acquire majority stake in India Cements &#8211; Times of India"},"content":{"rendered":"<div style=\"text-align:center\"><img loading=\"lazy\" decoding=\"async\" width=\"400\" height=\"225\" src=\"https:\/\/i2.wp.com\/static.toiimg.com\/thumb\/msid-116507967,imgsize-1011167,width-400,resizemode-4\/116507967.jpg?fit=400,225&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"UltraTech Cement gets CCI&#8217;s clearance to acquire majority stake in India Cements &#8211; Times of India\" title=\"UltraTech Cement gets CCI&#8217;s clearance to acquire majority stake in India Cements &#8211; Times of India\" \/><\/div><p> <br \/>\n<\/p>\n<div data-articlebody=\"1\">\n<div class=\"_s30J clearfix  \">\n<div class=\"MwN2O\">\n<div class=\"vdo_embedd\">\n<div class=\"T22zO\">\n<section class=\"D3Wk1  clearfix id-r-component leadmedia undefined undefined  VtlfQ\" style=\"top:0px\">\n<div class=\"D3Wk1\" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\">\n<div class=\"zPaFh\">\n<div class=\"wJnIp\"><\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div><\/div>\n<\/div>\n<p>NEW DELHI: The <!-- -->Competition Commission of India<!-- --> (CCI) on Friday cleared billionaire Kumar Mangalam Birla-promoted UltraTech Cement&#8217;s proposal to acquire a majority stake in India Cements. &#8220;The proposed combination envisages <!-- -->UltraTech Cement<!-- --> Ltd&#8217;s (UltraTech\/acquirer) acquisition of 32.72 per cent of the paid-up equity share capital of <!-- -->India Cements<!-- --> Ltd (India Cements\/target) from the promoters and members of the promoter group of India Cements and Sri Saradha Logistics Pvt Ltd,&#8221; CCI said in a release. <br \/>The fair trade regulator also granted its clearance to UltraTech Cement to acquire up to 26 per cent of the paid-up equity share capital of India Cements by way of an <!-- -->open offer<!-- -->, it added. <br \/>UltraTech is engaged in the business of manufacturing and sales of grey cement, white cement, ready-mix concrete, clinker, and building products in India. <br \/>It is a subsidiary of Grasim Industries Ltd, while India Cements operates core and non-core businesses. The core business of India Cements is the manufacturing and sales of grey cement and ready-mix concrete. <br \/>&#8220;Competition Commission of India (CCI) approves UltraTech Cement Ltd&#8217;s acquisition of The India Cements Ltd,&#8221; the competition watchdog said. <br \/>The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices and promotes fair competition in the marketplace. <br \/>In July this year, UltraTech Cement announced the acquisition of a 32.72 per cent stake in India Cements from promoters and their associates in a Rs 3,954 deal in a move to expand its footprint in the highly competitive and fast-growing southern cement market, particularly Tamil Nadu. <br \/>Besides, it had also announced a Rs 3,142.35 crore open offer to acquire a 26 per cent share of ICL from its shareholders. <br \/>UltraTech leads the Indian cement market with a consolidated capacity of 156.66 million tonnes per annum (MTPA) of grey cement.<\/div>\n<\/div>\n<p><script>\nvar _mfq = window._mfq || [];\n_mfq.push([\"setVariable\", \"toi_titan\", window.location.href]);\n!(function(f, b, e, v, n, t, s) {\n    function loadFBEvents(isFBCampaignActive) {\n      if (!isFBCampaignActive) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        if (f.fbq) return;\n        n = f.fbq = function() {\n          n.callMethod ? n.callMethod(...arguments) : n.queue.push(arguments);\n        };\n        if (!f._fbq) f._fbq = n;\n        n.push = n;\n        n.loaded = !0;\n        n.version = '2.0';\n        n.queue = [];\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/connect.facebook.net\/en_US\/fbevents.js', n, t, s);\n      fbq('init', '593671331875494');\n      fbq('track', 'PageView');\n    };\n    function loadGtagEvents(isGoogleCampaignActive) {\n      if (!isGoogleCampaignActive) {\n        return;\n      }\n      var id = document.getElementById('toi-plus-google-campaign');\n      if (id) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        t.id = 'toi-plus-google-campaign';\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/www.googletagmanager.com\/gtag\/js?id=AW-877820074', n, t, s);\n    };\n    function loadSurvicateJs(allowedSurvicateSections = []){\n      const section =  window.location.pathname.split('\/')[1]\n      const isHomePageAllowed = window.location.pathname === '\/' && allowedSurvicateSections.includes('homepage')\n      if(allowedSurvicateSections.includes(section) || isHomePageAllowed){\n        (function(w) {\n         function setAttributes() {\n                    var prime_user_status = window.isPrime ? 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