UltraTech Cement expands dominance with $472 million stake purchase in India Cements amid industry consolidation
India’s largest cement manufacturer, UltraTech Cement, has announced a major strategic move that could reshape its position in the Indian cement industry. On Sunday, UltraTech revealed its plans to acquire a 32.72% equity stake in India Cements from the company’s promoters and their associates for Rs 3,954 crores ($472.38 million), or Rs 390 per share.