 "UltraTech")
Ultratech Cement, on April 20, announced its acquisition of a grinding unit from India Cements in Maharashtra for Rs 315 crore. The grinding unit, located in Parli, Maharashtra, has a capacity of 1.1 million tonnes per annum (mtpa) and includes a captive railway siding.
“The board of directors at its meeting held today, approved purchase of a grinding unit having installed capacity of 1.1 mtpa in addition to a captive railway siding, at Parli, Maharashtra, from India Cements,” the company said in its regulatory filing.
“This purchase will help the company to strengthen its presence in the rapidly growing Maharashtra markets.” Ultratech Cement added in the filing.
The purchase, approved by the board of directors, is aimed at strengthening the company’s foothold in the rapidly expanding Maharashtra markets.
Earlier this month, UltraTech Cement, India’s largest cement manufacturer, revealed plans to invest Rs 32,400 crore over the next three years to fuel its ongoing expansion initiatives. The company aims to increase its cement manufacturing capacity to nearly 200 mtpa.
As part of its expansion plan, UltraTech recently commissioned two new greenfield capacities totaling 5.4 mtpa in Chhattisgarh and Tamil Nadu, bringing its total capacity to 151.6 mtpa.
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Additionally, the company completed a 100-megawatt (MW) solar energy project under the Group Captive Scheme in Rajasthan earlier this month, marking its first venture into sourcing power for captive consumption from the inter-state transmission network.
In a separate filing, Ultratech Cement 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 with the company.
On April 19, Ultratech Cement's shares settled 0.21 per cent lower at Rs 9,367.40 per share on the BSE.
