The company said the CCI
has given its approval for the share swap deal between the companies, Ultratech said in a regulatory filing.
On May 20, UltraTech said it would acquire the cement business of BK Birla Group company Century Textiles
and Industries through a share swap deal, a move which would further consolidate its position as market leader in the segment. “...the Competition Commission
of India (CCI) has by its letter dated August 21, 2018 informed the company that it has approved the proposed combination under sub-section (1) of section 31 of the Competition Act, 2012,” Ultratech said.
However, the copy of the CCI
order is awaited, it added.
The board of directors of UltraTech Cement
on May 20, 2018 approved a scheme of arrangement amongst Century Textiles
and Industries and its respective shareholders and creditors, the Aditya Birla Group
The transaction would provide UltraTech an opportunity to further strengthen its presence in the east and central markets, extending its footprint in the western and southern markets. Century Textiles
has three integrated cement units situated in Madhya Pradesh, Chhattisgarh and Maharashtra with a total capacity of 11.4 million tonnes per annum and a grinding unit in West Bengal of 2.0 mtpa.