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UltraTech to pick 8.69% stake in Meghalaya’s Star Cement for ₹851 crore

Northeast NewsbyNortheast News
December 27, 2024
in Business, Meghalaya
UltraTech to pick 8.69% stake in Meghalaya’s Star Cement for ₹851 crore
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Mumbai: UltraTech Cement, India’s largest manufacturing company, will invest ₹851 crore to pick an 8.6 percent stake in the Meghalaya-based Star Cement.

The management of UltraTech Cement, a business entity of the Aditya Birla Group, said on Friday that it will invest in Meghalaya’s Star Cement, which has 7.7 million tonnes per annum (MTPA) capacity.

UltraTech, in a stock exchange statement, said promoters of Star Cement approached it to sell their equity holding.

The UltraTech’s board on Friday approved acquiring a non-controlling minority stake of up to 37 million equity shares of Star Cement at a price not exceeding ₹235 apiece, excluding taxes.

UltraTech is India’s largest cement manufacturing company, with 150.7 million tonnes of capacity as of October 2024.

The Aditya Birla Group company plans to expand its cement manufacturing capacity to 200 MTPA by 2028, sources said.

In its endeavor to scale up cement production capacity, UltraTech has made two major acquisitions in recent years.

Earlier this month, UltraTech Cement completed the process of its acquisition of India Cements in a deal of ₹7,100 crore. Now, India Cements is a subsidiary of the UltraTech Cement.

In November last year, UltraTech signed a deal to take over Kesoram Industries’ cement business at a value of ₹7600 crore.

The 150.7 MTPA figure for UltraTech’s current production capacity does not include the nearly 25 MTPA combined capacities from the Kesoram and India Cements deal.

With the 8.6 percent stake in Star Cement, UltraTech will grow its indirect exposure in the Eastern India markets.

On its own, UltraTech operates 30.7 MTPA capacity in East India, and aims to scale it up to 41 MTPA by 2027.

Tags: Star CementUltraTech Cement
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