UltraTech, Century Textiles deny merger talks, India

UltraTech, Century Textiles deny merger talks, India
Published: 17 October 2011

UltraTech Cement Ltd and Century Textiles and Industries Ltd have denied media reports that the latter plans to merge its cement business with the former.    

In separate notices to the stock exchanges, the companies called the news speculative. "The news item is not correct and as of now, there is no such proposal," Century Textiles said. Business Standard earlier had reported, quoting sources, that the two companies have started the merger process but the deal would be inked in a few months.   

UltraTech Cement is owned by Kumar Mangalam Birla, and Century Textiles by his grandfather B.K. Birla. The report said B.K. Birla had indicated on several occasions his cement assets would go to his grandson. Kumar Mangalam Birla is also a director on the board of Century Textiles.    

"The news item is purely based on market speculation and the company does not comment on the same," UltraTech said in a notice.