UltraTech to buy Samruddhi to form India's No.1 cement firm

2009年 11月 16日 星期一 10:42 BJT
 

SINGAPORE Nov 16 (Reuters) - UltraTech Cement (ULTC.BO: 行情), a unit of Indian conglomerate Aditya Birla Group, is absorbing sister unit Samruddhi Cement, to form the country's biggest cement firm, both companies said. The move, flagged in October, was approved by the boards of both companies on Sunday. The combined entity will be better placed to take on Swiss firm Holcim (HOLN.VX: 行情), which controls about a fifth of India's 200-million tonne cement market through ACC (ACC.BO: 行情) and Ambuja Cements (ABUJ.BO: 行情).

"The merger will achieve the group's objective of consolidating its cement business into a single entity, thereby creating a platform that will help in pursuing aggressive growth going forward," Kumar Mangalam Birla, chairman of Aditya Birla Group, said in a statement on Sunday.

In October, the group said it will hive off the cement business of flagship firm Grasim Industries (GRAS.BO: 行情) into unit Samruddhi in a cashless transaction and later merge it with group firm UltraTech. [ID:nBOM163083]

India's cement market has seen demand revive in the last few months on resilience in rural consumption and higher spending on roads and infrastructure projects.

Aditya Birla Group's enlarged cement unit said it will have a production capacity of 48.8 million tonnes and become the world's 10th largest cement firm.

Samruddhi shareholders will receive four shares of UltraTech for every seven held in Samruddhi. UltraTech will also issue 149.5 million new shares, boosting its capital to 2.74 billion Indian rupees ($59 million).

For the company statement, click: r.reuters.com/tyt69f ($1=46.18 Indian Rupee) (Reporting by Anshuman Daga; Editing by Lincoln Feast)

 
 
图片
人民币扩波幅 贬值压力初现

人民币加快国际化步伐之际,人行决定适度扩大人民币即期波幅,长期单边升值的人民币初尝下跌压力,分析人士预计其未来数月仍有小幅贬值空间。  专题报道 

图片
俄罗斯巩固“后院” 西方国家“雷声大雨点小”

专家称,莫斯科在努力深度渗透邻国,在安全部队、政府官员和政客层面建立影响力,这使得其能够在譬如乌克兰东部地区煽动骚动,制造混乱,为入侵打伏笔。  全文 

点击邮件名称可预览样本。
每日要闻速递
投资有路

热门文章点击排行

  • 资讯
  • 投资
 
和讯