UltraTech Cement Limited (NSEI:ULTRACEMCO) agreed to acquire Cement Business of Kesoram Industries Limited (NSEI:KESORAMIND) for INR 76 billion on November 30, 2023. The consideration includes an equity value of INR 53.8 billion and debt of INR 22.2 billion. The transaction has been approved by board of directors of UltraTech Cement Limited, and is subject to the approval of shareholders and creditors, stock exchanges, NCLT, CCI and other regulatory authorities as may be required.

As of March 31, 2023, Cement Business of Kesoram Industries Limited reported turnover of INR 35 billion. The transaction is expected to be consummated within 9-12 months. Bansi S. Mehta Valuers LLP and PwC Business Consulting Services LLP, registered valuers are the independent joint valuers, ICICI Securities Limited (NSEI:ISEC) acted as due diligence provider, and Khaitan & Co.

and TriLegal Partners to UltraTech Cement Limited. As of March 19, 2024, Competition Commission of India (CCI) has approved the proposed combination.