New Delhi: Aditya Birla Group firm UltraTech on Tuesday said it has received an approval from the fair trade regulator Competition Commission for the acquisition of the cement business of Century Textiles and Industries.
The company said the CCI has given its approval for the share swap deal between the companies, Ultratech said in a regulatory filing.
On 20 May, UltraTech said it would acquire the cement business of BK Birla Group company Century Textiles and Industries through a share swap deal, a move which would further consolidate its position as market leader in the segment.
"...the Competition Commission of India (CCI) has by its letter dated 21 August, 2018 informed the company that it has approved the proposed combination under sub-section (1) of section 31 of the Competition Act, 2012," Ultratech said.
However, the copy of the CCI order is awaited, it added.
The board of directors of UltraTech Cement on 20 May, 2018 approved a scheme of arrangement amongst Century Textiles and Industries and its respective shareholders and creditors, the Aditya Birla Group firm said in a statement.
The transaction would provide UltraTech an opportunity to further strengthen its presence in the east and central markets, extending its footprint in the Western and Southern markets in the country.
Century Textiles has three integrated cement units situated in Madhya Pradesh, Chhattisgarh and Maharashtra with a total capacity of 11.4 mtpa (million tonnes per annum) and a grinding unit in West Bengal of 2.0 mtpa.
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Updated Date: Aug 22, 2018 11:11:09 IST