New Delhi, Dec 20 (PTI) The Competition Commission of India (CCI) on Friday cleared billionaire Kumar Mangalam Birla-promoted UltraTech Cement's proposal to acquire a majority stake in India Cements.

"The proposed combination envisages UltraTech Cement Ltd's (UltraTech/acquirer) acquisition of 32.72 per cent of the paid-up equity share capital of India Cements Ltd (India Cements/target) from the promoters and members of the promoter group of India Cements and Sri Saradha Logistics Pvt Ltd," CCI said in a release.

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The fair trade regulator also granted its clearance to UltraTech Cement to acquire up to 26 per cent of the paid-up equity share capital of India Cements by way of an open offer, it added.

UltraTech is engaged in the business of manufacturing and sales of grey cement, white cement, ready-mix concrete, clinker, and building products in India.

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It is a subsidiary of Grasim Industries Ltd, while India Cements operates core and non-core businesses. The core business of India Cements is the manufacturing and sales of grey cement and ready-mix concrete.

"Competition Commission of India (CCI) approves UltraTech Cement Ltd's acquisition of The India Cements Ltd," the competition watchdog said.

The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices and promotes fair competition in the marketplace.

In July this year, UltraTech Cement announced the acquisition of a 32.72 per cent stake in India Cements from promoters and their associates in a Rs 3,954 deal in a move to expand its footprint in the highly competitive and fast-growing southern cement market, particularly Tamil Nadu.

Besides, it had also announced a Rs 3,142.35 crore open offer to acquire a 26 per cent share of ICL from its shareholders.

UltraTech leads the Indian cement market with a consolidated capacity of 156.66 million tonnes per annum (MTPA) of grey cement.

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