UltraTech Cement acquires a 55.5% stake in India Cements, establishing it as a subsidiary. The move expands UltraTech’s production capacity by 14.5 million tonnes annually. The transaction strengthens UltraTech’s position in the Indian cement market through India Cements’ existing operations.
India Cements Ltd reports a consolidated net loss of Rs 339.13 crore for Q2 FY25, ending September 2024. The company attributes the widening loss to a decline in selling prices. This follows a trend of financial strain driven by reduced revenue from its core operations.
India Cements’ managing director, **N Srinivasan**, announced the sale of promoter stakes to **UltraTech Cement** due to rising operational costs and intense price competition. The company also cited challenges in selling specific land parcels as a contributing factor. The decision reflects broader industry pressures affecting profitability and strategic positioning.
N Srinivasan, Vice Chairman and Managing Director of India Cements, reassures employees that their jobs and future remain secure following the acquisition by UltraTech Cement Ltd, part of the Aditya Birla Group. The Chennai-based company is being integrated into UltraTech’s operations. Srinivasan’s statement aims to address workforce concerns amid the transition.
