Jump to content

UltraTech Cement

From Wikipedia, the free encyclopedia
(Redirected from UltraTech)

UltraTech Cement Limited
Company typePublic
IndustryBuilding materials
Founded1983
HeadquartersMumbai, Maharashtra, India
Key people
K. C. Jhanwar (Managing Director)
ProductsCement
RevenueIncrease ₹71,525 crore (US$8.6 billion)[1] (2024)
Increase ₹13,586 crore (US$1.6 billion)[1] (2024)
Increase ₹7,005 crore (US$840 million)[1] (2024)
Total assetsIncrease ₹100,802 crore (US$12 billion)[2] (2024)
Total equityIncrease ₹60,283 crore (US$7.2 billion)[2] (2024)
Number of employees
23,137 (excluding 50,516 non-permanent workers) (2024)
ParentAditya Birla Group
Websitewww.ultratechcement.com

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

[edit]

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

[edit]

2013 - Acquired Jaypee Group's Gujarat cement unit for ₹3,800 cr.[13]

2017 - Acquired Jaiprakash Associates's six integrated cement plants for ₹16,189 cr.[14]

2018 - Entered into a scheme of arrangement with Century Textile and Industries to demerge Century's cement business into ultratech.[15]

Nov 2018 - Acquired Binani Cement for ₹7,266 cr.[16][17]

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]

References

[edit]
  1. ^ a b c "UltraTech Cement Consolidated Profit & Loss account, UltraTech Cement Financial Statement & Accounts" (PDF). bseindia.com. Retrieved 29 April 2024.
  2. ^ a b "UltraTech Cement Consolidated Balance Sheet, UltraTech Cement Financial Statement & Accounts". moneycontrol.com. Retrieved 14 April 2023.
  3. ^ "Ultratech Acquires cement grinding assets of burnpur cement". 29 November 2023.
  4. ^ "Ultratech Annual Report 2024" (PDF).
  5. ^ "L & T Cement Bidders May Be Losing Interest". Business Standard. Retrieved 8 May 2024.
  6. ^ "Reliance sells 10 per cent stake in L&T to Grasim: Reuters". Rediff. Retrieved 8 May 2024.
  7. ^ "India: Cement industry taking a concrete shape". Arab News. 10 December 2001. Retrieved 8 May 2024.
  8. ^ "Grasim objects to L&T cement hive off plan". Rediff. Retrieved 8 May 2024.
  9. ^ "Grasim to acquire L&T cement business". The Times of India. 17 June 2003. Retrieved 8 May 2024.
  10. ^ "L&T set for cement demerger". The Economic Times. 4 February 2004. Retrieved 8 May 2024.
  11. ^ "AV Birla group to rename UltraTech Cemco". Business Standard. Retrieved 8 May 2024.
  12. ^ "Finally, L&T calls it quits with UltraTech". The Economic Times. 11 June 2009. Retrieved 8 May 2024.
  13. ^ "UltraTech acquires Jaypee Cement unit for Rs. 3,800 cr". Hindustan Times. 11 September 2013. Retrieved 4 March 2021.
  14. ^ "UltraTech completes acquisition of Jaiprakash group cement business". The Economic Times. Retrieved 4 March 2021.
  15. ^ Jain, Aniruddha (18 June 2018). "UltraTech acquires Century Textiles' cement business | M&A Critique". Retrieved 4 March 2021.
  16. ^ "BCL auction: UltraTech to buy Binani Cement for Rs 7,266 crore, seeks end to insolvency proceedings". businesstoday.in. 19 March 2018. Retrieved 4 March 2021.
  17. ^ Gaur, Vatsala. "Ultratech Cement makes Binani its subsidiary". The Economic Times. Retrieved 4 March 2021.
  18. ^ "Ultratech Cement acquires cement grinding assets of burnpur cement". 29 November 2023.
[edit]
Retrieved from "http://en.wiki.x.io/w/index.php?title=UltraTech_Cement&oldid=1257340500"