UltraTech Cement to enter Northeast with Star trek
UltraTech Cement on Friday said it is acquiring an 8.69% stake in Meghalaya-based Star Cement from the promoter group for ₹851 crore, a strategic deal that will help India's largest cement producer gain a foothold in the northeastern market.
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The move comes just three days after the Aditya Birla Group flagship made Chennai-based India Cements its subsidiary.
Pre-emptive Move
India Cements was acquired in phases this year by UltraTech, as the Indian cement industry continues to see unprecedented consolidation. Incorporated in 2001, Star Cement is one of the most profitable companies in northeast India.
UltraTech will pick up a non-controlling minority stake at ₹235 per share in a block deal from «some promoter and promoter group entities of Star Cement,» it said in a regulatory filing. Its board of directors approved making an investment to acquire up to 37 million equity shares of Star Cement at a price not exceeding ₹235 per share, excluding STT, stamp duty and other levies, it added.
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