CCI approves Kesoram Cement acquisition - Finance Ppl

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CCI approves Kesoram Cement acquisition

Earlier this week (on 19/03/2024), CCI approved the proposed acquisition of Grey Cement division of Kesoram Industries by UltraTech cement Ltd. Kesoram is the flagship company of BK Birla group.

Scheme:

The CCI in its PRESS RELEASE No. 74/2023-24 dt 19.03.2024, issued a statement approving the acquisition of Kesoram Cement business.

Previously on 30th Nov 2023, Ultra Tech announced in its press release that it is proposing to acquire Kesoram's cement business in all-stock deal valued at Rs.5379 crore through Composite Scheme of Arrangement between Kesoram Industries and Ultra Tech Cement Limited and their respective shareholders and Creditors (under S.230-232 of Companies Act 2013,) approved by its BOD dated 30.11.2023.

The grey cement business division is operated under brand name Birla Shakthi Cement has two production units, one in Sedam Town in Karnataka and another in Basant Nagar village in Telengana.

Background of Kesoram:

Kesoram Industries was established as Kesoram Cotton Mills ltd, in Calcutta, in the year 1919. It further expanded into production of Rayon in 1959 (Kesoram Rayon) and subsequently ventured into Cement manufacturing (Birla Shakthi Cement) in 1969.
As the business grew, the company changed its name to Kesoram Industries Limited, in the year 1986. In 1991, Kesoram ventured into Tyre business also, under the name Birla Tyres Ltd.

Keshoram Industries' securities are presently listed in NSE, BSE and Luxembourg Stock exchange.Previously In 2021, Birla Tyres Unit was acquired by Himadri Specialty chemicals pursuant to Resolution Plan approved by NCLT.

Background of Ultra Tech cement:

Ultra Tech cement Ltd is a listed company engaged in manufacture and sale of various Cement and Cement related products in India. Ultra Tech a subsidiary of Grasim Industries, which acquired it from Larsen and Toubro in 2004.