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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
UltraTech Cement shares in focus as Co to acquire Wonder WallCare for Rs 235 crore
UltraTech Cement shares will be in focus as the company plans to acquire Wonder WallCare, a wall putty manufacturer, for an enterprise value of up to Rs 235 crore as part of its expansion strategy. The acquisition will strengthen UltraTech’s portfolio of value-added products.
Wonder WallCare, a wholly owned subsidiary of Wonder Cement, operates a manufacturing plant for wall putty and related products with a capacity of 600,000 tonnes per annum, located in Rajsamand, Rajasthan.
One of the largest single-location putty manufacturing plants in the country, the facility was constructed in 2022–23 and offers potential for further expansion, UltraTech said in a filing with the stock exchanges on Thursday.
The deal is expected to be closed within 90 days, subject to regulatory approvals and compliance. Wonder WallCare reported a turnover of Rs 78.61 crore in FY 2023–24, up from Rs 20.36 crore in the previous fiscal.
Also Read: Stocks in news: HDFC Bank, Mazagon Dock, Bajaj Finance, DMart, UltraTech Cement
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“This acquisition will help the company expand its putty and value-added products’ production capacity in the highly competitive and fragmented putty manufacturing market in India,” UltraTech said.
Wonder WallCare’s plant is located near large reserves of high-quality raw materials and is in close proximity to UltraTech’s existing putty manufacturing facilities in Rajasthan.
UltraTech currently has a grey cement capacity of 188.76 million tonnes and a white cement/putty capacity of 2.7 million tonnes.
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