UltraTech Cement gets CCI approval to acquire Century Textiles' cement business
The Competition Commissioner of India (CCI) has granted its approval to UltraTech Cement for acquiring the cement business of Century Textiles and Industries. In a regulatory filing to BSE, UltraTech Cement has stated that the Competition Commission of India has informed the Company that it has approved the proposed combination under sub-section (1) of section 31 of the Competition Act, 2012.
The filing further informed that the Copy of the CCI order is awaited.
In May this year, UltraTech Cement has announced that its Board of Directors of at the meeting had approved a Scheme of Arrangement amongst Century Textiles and Industries (Century), UltraTech Cement and their respective shareholders and creditors, the demerger of the cement business of Century into UltraTech. The press release further stated that the transaction is subject to the approval of shareholders and creditors, stock exchanges, NCLT, CCI and all other regulatory approvals as may be required.
Century Textiles and Industries’ cement business consists of three integrated cement units in Chhattisgarh, Madhya Pradesh and Maharashtra and a grinding unit in West Bengal.
@EPC World Media