Gold and bronze status quo

The recent acquisition of Jaypee Cement Corporation's Gujarat unit has made UltraTech the undisputed leader in the Indian cement industry. UltraTech's capacity will now increase by five million tonnes per annum (mtpa) to 59 mtpa, strengthening its position as the largest player in India. Asked about the impact of the deal on his company, Jaypee Group Chairman Manoj Gaur ruefully said, "It is like a race to win a gold medal. We were the bronze medalist and will remain one. The race tally after the acquisition remains the same, gold remains with its owner, while bronze remains with us."