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UltraTech Cement to buy grinding unit from India Cements for ₹315 crore
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The grinding unit, with a installed capacity of 1.1 million metric tonnes per annum (mtpa), along with a captive railway siding, is located in Parli, Maharashtra, the Aditya Birla Group cement major informed exchanges.
UltraTech Cement has announced the acquisition of a grinding unit from India Cements. The Board of Directors greenlit the purchase during a meeting held on Saturday (April 20).
The grinding unit, with a installed capacity of 1.1 million metric tonnes per annum (mtpa), along with a captive railway siding, is located in Parli, Maharashtra, the Aditya Birla Group cement major informed exchanges.
The acquisition, valued at ₹315 crore, was formalised through an Asset Purchase Agreement between UltraTech Cement and The India Cements Limited.
Earlier this month, the company completed 100-megawatt (MW) solar energy project under the Group Captive Scheme in Rajasthan.
This was the company’s first project to source power for its captive consumption from the inter-state transmission network.
In a separate filing, the cement manufacturer also informed that it has received approval from the National Company Law Tribunal (NCLT), Kolkata, on April 3, 2024, for the proposed scheme of amalgamation of UltraTech Nathdwara Cement and its wholly-owned subsidiaries (Swiss Merchandise Infrastructure and Merit Plaza) with the company.
The shares of Ultratech Cement on Friday (April 19) settled 0.21% lower at ₹9,367.40 apiece on the BSE.
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