Khaitan & Co Advised UltraTech Cement On Acquisition Of Majority Stake In India Cements
Khaitan & Co Advised UltraTech Cement On Acquisition Of Majority Stake In India Cements
Khaitan & Co has advised UltraTech Cement, India’s largest cement manufacturer, on its acquisition of a majority stake in India Cements for ₹39.54 billion ($421 million).
Aditya Birla Group's UltraTech Cement will make an open offer to acquire a 32.72% stake in the N Srinivasan-led India Cements, offering ₹390 ($4) per share, according to a company statement.
This acquisition comes as the competition for dominance in India's cement market intensifies, with UltraTech Cement from ABG and Gautam Adani's Ambuja Cement and ACC brands both seeking strategic deals to expand capacity and consolidate their market positions.
Khaitan & Co's Deal Team advising UltraTech was led by Senior Partner Haigreve Khaitan and included Partners Abhishek Dadoo and Niren Patel, Counsel Shashank Patil, Principal Associate Jayantika Khanna, Senior Associate Aman Bagaria, and Associate Vritika Lakhwani.
