The Competition Commission of India has approved UltraTech Cement’s proposed acquisition of South-based India Cements, it said in a release on Friday. UltraTech is the largest producer of cement in the country.
After acquiring a 23% non-controlling financial stake in India Cements in June, UltraTech acquired around 33% stake in the company in July and will also make an open offer to acquire an additional up to 26% stake in the company. A detailed order from the Commission will follow, the regulator said in its release.
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