Cement major from the Aditya Birla Group – Ultratech Cement on Saturday announced that its board has approved buying a grinding unit of India Cements with a capacity of 1.1 million tonnes per annum (MTPA). The deal or acquisition was done for a consideration of Rs 315 crore, the company said in a stock exchange filing.
“The board of directors at its meeting held today, approved purchase of a grinding unit having installed capacity of 1.1 mtpa in addition to a captive railway siding, at Parli, Maharashtra, from The India Cements,” said Ultratech Cement in an exchange filing.
The acquisition will further strengthen the company’s presence in Maharashtra, it said. “Purchase will help the Company to strengthen its presence in the rapidly growing Maharashtra markets.”
