UltraTech Cement acquires minority stake in Star Cement for Rs 851 crore

UltraTech Cement, on Friday announced the acquisition of an 8.69 per cent of minority stake in Meghalaya-based Star Cement for up to Rs 851 crore. The acquisition comes after UltraTech completed the acquisition of a controlling stake in India Cements, further solidifying its dominance in the Indian cement sector.

The deal marks UltraTech’s strategic investment in a key player in the north-eastern cement market.

Star Cement, with an installed capacity of 7.7 million tonnes per annum (MTPA), has a strong presence in the north-eastern region and is rapidly expanding in West Bengal and Bihar. 

Also Read HAL shares in focus after Rs 13,500 crore Su-30 MKI deal with Defence Ministry Jubilant FoodWorks shares slip over 3%; promoters acquire 40% in Coke’s India bottlers  Livguard plans to incur capex of Rs 3,360 cr in 5 years  Vodafone Idea board approves raising  Rs 1,980 crore through Preferential Share Issue

Also ReadThe future of India’s ethanol industry: Opportunities and challenges in achieving 20% blending by 2025

According to UltraTech, some of Star Cement’s promoter entities approached the company with the proposal to sell their equity holdings. After reviewing the proposal, UltraTech’s board approved the investment to acquire up to 3.70 crore equity shares of Star Cement at a price not exceeding Rs 235 per share, excluding statutory levies.

The total cost of the acquisition is expected to not exceed Rs 851 crore, excluding the Securities Transaction Tax (STT).

Star Cement, established in November 2001, reported a turnover of Rs 2,910.66 crore in FY24. With this acquisition, UltraTech aims to further strengthen its footprint in the cement market, especially in the rapidly growing markets of eastern India.

Also ReadVA Tech Wabag bags order worth Rs 700 crore for waste water treatment plants in Zambia

UltraTech Cement, part of the Aditya Birla Group, currently has an installed capacity of 156.66 MTPA of grey cement, reinforcing its position as the largest cement producer in India.

(With PTI Inputs)

 » Read More

Related Articles

5 Equity Mutual Funds with rising cash holdings amid market volatility

The Indian equity market has witnessed growing turbulence, with steep fluctuations in benchmark indices and sectoral fluctuations. They include persistent geopolitical uncertainty, rising crude oil prices, heavy selling by FIIs and fear of global recession that have created a questionable investment environment. Given the challenging conditions, some mutual fund managers have taken a cautious approach

Parliamentary panel to review stakeholder comments on new I-T Bill

The Central Board of Direct Taxes (CBDT) on Tuesday asked stakeholders to continue submitting their suggestions on the new Income Tax Bill, 2025, which will be compiled and sent to a select committee of Parliament for review. In a release, the CBDT said an effort is underway to collect inputs and work on simplification of

Market recovery or false dawn? Experts debate sustainability

After a 14% correction since September end, benchmark indices have recorded around 2% gains in the past two trading sessions. The broader indices, which had fallen up to 24% from their peak levels, also gained around 3%, providing much-needed relief to investors. However, the key question remains: Will this recovery sustain? Experts are divided. While

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
0FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

5 Equity Mutual Funds with rising cash holdings amid market volatility

The Indian equity market has witnessed growing turbulence, with steep fluctuations in benchmark indices and sectoral fluctuations. They include persistent geopolitical uncertainty, rising crude oil prices, heavy selling by FIIs and fear of global recession that have created a questionable investment environment. Given the challenging conditions, some mutual fund managers have taken a cautious approach

Parliamentary panel to review stakeholder comments on new I-T Bill

The Central Board of Direct Taxes (CBDT) on Tuesday asked stakeholders to continue submitting their suggestions on the new Income Tax Bill, 2025, which will be compiled and sent to a select committee of Parliament for review. In a release, the CBDT said an effort is underway to collect inputs and work on simplification of

Market recovery or false dawn? Experts debate sustainability

After a 14% correction since September end, benchmark indices have recorded around 2% gains in the past two trading sessions. The broader indices, which had fallen up to 24% from their peak levels, also gained around 3%, providing much-needed relief to investors. However, the key question remains: Will this recovery sustain? Experts are divided. While

Bajaj Finserv to explore listing of insurance firms

After acquiring Allianz’s 26% stake in Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance for Rs 24,180 crore, Bajaj Finserv is planning to explore listing of its insurance ventures. Sanjiv Bajaj, chairman and managing director of Bajaj Finserv, said there was a regulatory nudge for listing of larger insurance companies. The boards of the

Price collusion: CCI raids ad giants, broadcasters’ body

The Competition Commission of India (CCI) on Tuesday raided the offices of media agencies, including GroupM, Dentsu and IPG Mediabrands, as well as the Indian Broadcasting and Digital Foundation (IBDF), an apex body of broadcasters, over alleged fixing of ad rates and discounts, industry sources told FE. The action comes ahead of the 18th edition