Indian fair trade regulator approves UltraTech’s acquisition of Kesoram cement business

The Completion Commission of India (CCI) has approved UltraTech Cement’s proposed acquisition of Kesoram Cement Business, the cement arm of Indian conglomerate Kesoram Industries Ltd. The business is set to be acquired by Mumbai-based UltraTech, as part of a deal made on 30 November 2023.

The all-share deal will see UltraTech Cement purchase Kesoram Cement at a valuation of INR76bn (US$914.1m) and will include all the company’s debts. 

The CCI has also announced its approval of Shriram Ownership Trust’s proposed purchase of a 29.4 per cent stake in Shriram Investment Holdings Pvt Ltd (SIHL) an unregistered core investment company. SIHL, which is primarily an investment company and does not have its own business operations, has assets worth INR36.8bn and a turnover of INR18.8bn as of 31 March 2023.

UltraTech is primarily engaged in the manufacture and sale of grey cement, white cement, clinker and ready-mix concrete and has an installed capacity of 133Mta.