Aditya Birla Group’s UltraTech Cement Ltd. mentioned its board had authorised the acquisition of a 1.1 million tonne each year (mtpa) grinding unit and captive railway siding at Parli, Maharashtra, for ₹315 crore from India Cements Ltd.
Both corporations have entered into an settlement for executing the transaction, UltraTech mentioned in an announcement.
After acquisition, UltraTech additionally plans to develop the unit’s capability by 1.2 mtpa investing ₹166 crore.
This buy “will help the company strengthen its presence in the rapidly growing Maharashtra markets,” Ultratech mentioned.
UltraTech additionally plans to develop its Dhule, Maharashtra plant by 1.8 mtpa by investing ₹338 crore.
Both brownfield expansions will likely be funded by inside accruals.
