Ultratech Gets Competition Commission Nod To Acquire Century Cement Business
Aditya Birla Group firm UltraTech said it has received an approval from the fair trade regulator Competition Commission of India for the acquisition of the cement business of Century Textiles and Industries.
The company said the CCI has given its approval for the share swap deal between the companies, Ultratech said in a regulatory filing. However, the copy of the CCI order is awaited, it added.
UltraTech said it would acquire the cement business of BK Birla Group company Century Textiles and Industries through a share swap deal on May 20.
The board of directors of UltraTech Cement earlier approved a scheme of arrangement amongst Century Textiles and Industries and its respective shareholders and creditors, the Aditya Birla Group firm said in a statement.
The transaction would provide UltraTech an opportunity to further strengthen its presence in the east and central markets, extending its footprint in the Western and Southern markets in the country.
Century Textiles has three integrated cement units situated in Madhya Pradesh, Chhattisgarh and Maharashtra with a total capacity of 11.4 million tonnes per annum and a grinding unit in West Bengal of 2 million tonnes per annum.