financetom
Business
financetom
/
Business
/
UltraTech Cement acquires Burnpur Cement's grinding assets in Jharkhand for ₹170 crore
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
UltraTech Cement acquires Burnpur Cement's grinding assets in Jharkhand for ₹170 crore
Nov 29, 2023 8:11 AM

Leading cement maker UltraTech Cement Ltd on Wednesday (November 29) said the company has acquired the cement grinding assets — amounting to 0.54 MTPA — of Burnpur Cement Ltd for ₹169.78 crore.

Share Market Live

NSE

The acquired facilities, situated in Patratu, Jharkhand, were secured in adherence to the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, along with the Security Interest (Enforcement) Rules, 2002.

This acquisition not only adds substantial capacity to UltraTech Cement's portfolio but also serves as a strategic entry into the promising market of Jharkhand. UltraTech Cement's total capacity in India now stands at an impressive 133 MTPA (million tonnes per annum), the company said.

Also Read: Market capitalisation of BSE-listed companies crosses $4 trillion mark

Back in October this year, UltraTech announced a fresh investment of ₹13,000 crore to add production capacity by 21.9 MTPA in the third phase of the growth, taking its total capacity to 182 MTPA after completion.

The board of the Aditya Birla Group flagship firm “approved the 3rd phase of growth with an investment of Rs 13,000 crore towards increasing the capacity by another 21.9 MTPA with a mix of brownfield and greenfield projects,” read a statement from the company.

The company has an existing capacity of 132.45 MTPA of domestic grey cement. "Post commissioning of the 3rd phase of expansion, approved by the Board today, UltraTech will be strongly placed across the country with 35.5 MTPA in the south; 40.4 MTPA in the east; 36.2 MTPA in the north; 35.7 MTPA in central and 33.8 MTPA in the west," it added.

UltraTech Cement is the third largest cement producer in the world, outside of China, with a consolidated grey cement capacity of 137.85 MTPA right now.

Also Read: Sequoia-backed Mobikwik said to pick banks for $84 million IPO

Shares of UltraTech Cement Ltd ended at ₹8,721.80, down by ₹6.20, or 0.071%, on the BSE.

(Edited by : Shoma Bhattacharjee)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Update on Canadian Western Bank Q2; National Bank With First Look Notes
Update on Canadian Western Bank Q2; National Bank With First Look Notes "Top-line Shortfall and Higher PCLs Lead to Miss
May 31, 2024
08:48 AM EDT, 05/31/2024 (MT Newswires) -- Canadian Western Bank ( CWESF ) on Friday reported higher profit and revenue for the fiscal second quarter, but the results missed estimates. The bank reported fiscal second-quarter adjusted common shareholders' net income of $78.2 million, or $0.81 per share, up 9% from $71.7 million, or $0.74 per share, a year earlier. Analysts...
Twin Disc Completes Acquisition of Katsa Oy
Twin Disc Completes Acquisition of Katsa Oy
May 31, 2024
08:49 AM EDT, 05/31/2024 (MT Newswires) -- Twin Disc ( TWIN ) said Friday it has completed its 21 million euro ($22.8 million) all-cash acquisition of Katsa Oy, a European manufacturer of power transmission components and gearboxes. For the fiscal year ended September 30, Katsa generated revenue of about 33 million euros. ...
Amazon's Simultaneous Growth, Profitability Driven by Cloud Services, Prime Membership, Tigress Says
Amazon's Simultaneous Growth, Profitability Driven by Cloud Services, Prime Membership, Tigress Says
May 31, 2024
08:53 AM EDT, 05/31/2024 (MT Newswires) -- Accelerating demand for Amazon Web Services' AI-backed cloud services and increasing membership in Prime are driving Amazon's ( AMZN ) shareholder value, Tigress Research wrote Thursday in a note to investors. Amazon ( AMZN ) is simultaneously focusing on profitability and growth as it significantly increases its capital investment to support its Amazon...
Airbus faces new output delays amid parts shortages, sources say
Airbus faces new output delays amid parts shortages, sources say
May 31, 2024
PARIS, May 31 (Reuters) - Airbus is facing new pressure on its planned production ramp-up for passenger jets as the world's largest planemaker struggles to overcome continued parts and labour shortages, industry sources said on Thursday. It was not immediately clear whether the slowdown would put at risk overall delivery targets for 2024 since deliveries lag output decisions by months,...
Copyright 2023-2024 - www.financetom.com All Rights Reserved