UltraTech Cement Limited is an Indian multinational cement company based in Mumbai. It is the largest manufacturer of grey cement, ready-mix concrete (RMC) and white cement in India and 5th largest around the globe with an installed capacity of 152.70 million tonnes per annum and 119 million tonnes per annum sales volume.[3][4]
History
UltraTech Cement traces its origins to 1983 when it began as the cement division of Larsen & Toubro (L&T), being sold under the "L&T Cement" brand. In 2000, L&T decided to sell its cement business and incorporated a wholly-owned subsidiary to house the cement assets.[5]
In 2001, Reliance Industries sold its entire 10% stake in L&T to Grasim Industries. At the time, L&T was the largest cement manufacturer in India, while Grasim was the third-largest.[6][7] In 2002, Grasim would increase its stake in L&T to 15% and its attempt to launch an open offer to acquire an additional 20% stake was stayed by the SEBI over a possible violation of takeover rules.[8]
In 2003, L&T announced that it would demerge the cement business into a company called UltraTech CemCo. As part of the demerger plan, Grasim agreed to acquire an 8.5% stake in UltraTech CemCo from L&T, make an open offer to acquire another 30%, and transfer its 15% stake in L&T (residual engineering company) to L&T Employees Welfare Foundation.[9][10] The deal was executed in 2004, with Grasim obtaining management control of UltraTech CemCo (later renamed as UltraTech Cement) with its 51% stake,[11] while L&T retained 11.5% shareholding.[12]
Mergers and acquisitions
2013 - Acquired Jaypee Group's Gujarat cement unit for ₹3,800 cr.[13]
Dec 2023 - Acquired Cement grinding assets of Burnpur Cement Ltd. From Punjab National Bank's Asset Reconstruction Company's auction for cash consideration of ₹169.79 crore (US$20 million). [18]
