India Cements deal will lead to further consolidation in cement sector | News


Ultratech Cement’s acquisition of a 23 per cent stake in Tamil Nadu-based India Cements is another instance of growing consolidation in the cement market in India.

 


The deal will raise Ultratech’s share, based on India Cements’ revenues in FY24, in the domestic market by 230 basis points if the latter is formally acquired by the former in due course.

 


India Cements’ share was up 11.5 per cent on Thursday on market expectations of an open offer.

 


India Cements reported net sales of Rs 5,112.2 crore in FY24 with a market share in revenue of 2.3 per cent.

First Published: Jun 27 2024 | 10:35 PM IST


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