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Ultratech Cement Share Price up by 2% on Exciting Acquisition News
Tanushree Jaiswal
22nd April 2024 - 02:28 pm
Aditya Birla Group’s Ultratech Cement share price rose 2% in early trade on April 22, after the company announced it was going to purchase a new grinding unit from India Cements.
At 09:30am, on April 22, UltraTech Cement was quoting at ₹9,519.65, up ₹152.25, or 1.63%, on the BSE. This comes after the company's board gave the nod to the purchase of a grinding unit having an installed capacity of 1.1 mtpa in addition to a captive railway siding, at Parli, Maharashtra.
"The board of directors in its meeting held today, approved purchase of a grinding unit having installed capacity of 1.1 mtpa in addition to a captive railway siding, at Parli, Maharashtra, from The India Cements Limited (ICL) for a consideration of ₹315 crore," India’s largest cement producer said in its release. “This purchase will help the company to strengthen its presence in the rapidly growing Maharashtra markets,” it further added.
The company's board of directors also approved brownfield capacity expansions with 1.2 mtpa at Parli, Maharashtra, at a cost of ₹166.4 crore, post-acquisition of the grinding unit, and 1.8 mtpa at Dhule, Maharashtra, at a cost of Rs 338 crore. This additional capacity expansion will be added by FY26 with an investment of ₹504.4 crore through internal accruals.
“The company had a capacity utilization of around 80% between April to December and plans to complete these capacity expansions in Maharashtra by 2025-26,” it said in an exchange filing on Saturday. Chairman Kumar Mangalam Birla said last year that the company planned to increase production capacity to 200 million tonnes.
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