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India’s largest cement company Ultratech Cement Limited is about to strike a big deal. In fact, UltraTech has expressed interest in acquiring the cement assets of Kesoram Industries Limited. Sources told CNBC-TV18 that Ultratech is currently considering two options. Ultratech is planning to buy the existing promoters’ stake in Kesoram or acquire Kesoram’s cement business. However, no official information has been given by both Ultratech and Kesoram Industries.
Let us tell you that Kesoram Industries is a BK Birla Group company that manufactures goods ranging from cement to rayon. It also forms sulfuric acid, sodium sulphate and carbon-disulphide. Cement is a major contributor to the company’s revenue.
Shares of Ultratech Cement fell 1.8% to ₹8,603 amid the news. At the same time, shares of Kesoram Industries rose 5% to ₹123.27.
Adani Group’s dominance is also increasing: Let us tell you that Gautam Adani The group is also increasing its dominance in the cement business. Last year, the business of Ambuja Cements, ACC was added to Adani Group’s portfolio. Also, the business of Sanghi Industries has also been acquired this year. There are also reports of buying Vadaraj Cement Adani Group Many companies are in queue.