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Aditya Birla Group-owned UltraTech Cement has approved the acquisition of a 32.72% stake in India Cements from its promoters and associates for Rs 3,954 crore.

With this deal, UltraTech's total ownership in the Chennai-based cement company will rise to 55.49%.

Notably, UltraTech has also announced an open offer to buy up to a 26% additional stake from public shareholders, worth about Rs 3,142.39 crore.

In June 2024, UltraTech had made a financial investment in south India-based cement manufacturer India Cements to acquire 22.77% equity at a price of ₹268 per share. With the latest announcement, UltraTech Cement will become the majority shareholder in India Cements with a holding of 55.49% stake.

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