# UltraTech to acquire additional 32.72% stake in India Cements for ₹3,954 crore

UltraTech Cement entered a share purchase agreement to buy a 32.72% stake in India Cements for ₹3,954 crore, increasing its total stake to 55.49% and making India Cements a subsidiary.

- Type: Acquisition
- Announced: 2024-07-28
- Where: Tamil Nadu, India
- Value: $472.0M (39.5B INR)
- Status: announced
- Products: cement
- Sectors: [Construction Materials](https://endata.com/sectors/construction-materials.md)

## Companies

- [Ultratech Cement](https://endata.com/companies/16256.md) (acquirer)
- [India Cements](https://endata.com/companies/35089.md) (target)

## Sources

- [thehindu.com](https://www.thehindu.com/business/Industry/ultratech-enters-into-a-pact-with-india-cements-to-buy-additional-3272-stake-for-3954-crore/article68456437.ece), 2024-07-28: "Post this financial investment, the promoter group approached us as they wanted to sell their holding in the company, and we found it appropriate to acquire their stake in the company."
- [thehindubusinessline.com](https://www.thehindubusinessline.com/companies/india-cements-n-srinivasan-tells-staff-your-future-is-in-safe-hands-under-ultratech/article68459453.ece), 2024-07-29: "I have been personally assured by Chairman Birla that they will follow the same policies we have so far."
- [etnownews.com](https://www.etnownews.com/markets/india-cements-delisting-on-cards-what-km-birla-led-ultratech-said-post-rs-3954-cr-acquisition-deal-article-112115010), 2024-07-29: "UltraTech Cement announced on Sunday that the board approved acquisition of 32.72% stake in India Cements, with the inclusion of share purchase agreement for 21.98% equity shares from the promoters."
- [constructionworld.in](https://www.constructionworld.in/cement-news/india-cements-addresses-ultratech-merger-speculation/62974), 2024-09-26: "On July 28, 2024, India Cements’ promoters signed a Share Purchase Agreement with UltraTech Cement Ltd, agreeing to sell their equity shares at Rs 390 per share, pending necessary regulatory approvals."
- [indiancementreview.com](https://indiancementreview.com/2024/09/india-cements-addresses-ultratech-merger-speculation/), 2024-09-26: "The employees will be taken care of by UltraTech."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.