Billionaire Birla’s UltraTech to Acquire 23% in India Cements
Posted on AllSides June 26th, 2024
From The Left
UltraTech Cement Ltd., owned by billionaire Kumar Mangalam Birla , will acquire 23% stake in India Cements Ltd. for about $226 million, intensifying consolidation in a sector that’s crucial for the country’s infrastructure development.
UltraTech will pay as much as 267 rupees a share to purchase 70.6 million shares of the Chennai-based India Cements, the Birla group company said in an exchange filing. “This non-controlling financial investment constitutes around 23%” stake in the cement maker, the filing added.
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