Aditya Birla Group’s UltraTech Cement Ltd. said its board had approved the acquisition of a 1.1 million tonne per annum (mtpa) grinding unit and captive railway siding at Parli, Maharashtra, for ₹315 crore from India Cements Ltd.
Both companies have entered into an agreement for executing the transaction, UltraTech said in a statement.
After acquisition, UltraTech also plans to expand the unit’s capacity by 1.2 mtpa investing ₹166 crore.
This purchase “will help the company strengthen its presence in the rapidly growing Maharashtra markets,” Ultratech said.
UltraTech also plans to expand its Dhule, Maharashtra plant by 1.8 mtpa by investing ₹338 crore.
Both brownfield expansions will be funded through internal accruals.
