UltraTech to buy Century Textiles’ cement biz through a share-swap deal
Aditya Birla group company UltraTech Cement has said it will acquire the cement business of B K Birla firm Century Textiles through a share-swap deal.
Under the arrangement, Kumar Mangalam Birla-led UltraTech will merge Century Textiles’ 13.4 million cement capacity with itself, taking UltraTech’s capacity to 105.9 million tonnes per annum (mtpa) in the domestic market, and consolidate its leadership position in the Indian cement industry.
After completing the deal, UltraTech will have a total capacity of 109.9 million tonnes (mt) making it the third-largest cement player globally, excluding China.
Century Textiles will demerge its cement business, which accounts for 53.2 per cent of its revenue.
UltraTech will give Century Textiles shareholders one share for every eight shares held.
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