NEW DELHI: The Board of directors of Ultratech Cement on Saturday approved the purchase of a grinding unit at Parli, Maharshtra from India Cement for a sum of Rs 315 crore.
The Parli unit of India Cement has an installed capacity of 1.1 mtpa in addition to a captive railway siding.
Ultratech has entered into an asset purchase agreement with India Cement for the aforesaid transaction. The Aditya Birla Group company in a statement said that the purchase will help the Company to strengthen its presence in the rapidly growing Maharashtra markets.
The acquisition is part of Ultratech’s brownfield capacity expansion plan, whereby it targets to add 3 mtpa additional capacity by the financial year 2025-26. The proposed capacity addition is planned at Parli, Maharashtra (1.2 million tonne per annum) and 1.8 million tonne per annum at Dhule, Maharashtra. The company proposes to invest Rs 504 crore to achieve the aforesaid capital addition.
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