UltraTech Raises India Cements Stake to 55% as Turf War Heats Up
- Birla’s cement maker buys controlling stake to fend off Adani
- India’s infrastructure push will keep cement demand elevated
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UltraTech Cement Ltd. bought almost a third more of India Cements Ltd. to secure a controlling stake, as billionaire Kumar Mangalam Birla’s firm seeks to fend off competition from aggressive newcomer Adani Group.
India’s largest cement maker will pay 39.54 billion rupees ($472 million) to acquire an additional 32.72% in India Cements, it said in an exchange filing Sunday, with company founders selling 28.42% and the rest coming from another shareholder, Sri Saradha Logistics Pvt. With almost 23% bought in June, Birla’s firm now owns 55.5% in the Chennai-based cement maker.