UltraTech Cement has announced the acquisition of an 8.69% stake in Star Cement for Rs 851 crore. This strategic move involves purchasing up to 3.7 crore equity shares at a price not exceeding Rs 235 per share, excluding taxes and other levies. The decision came after Star Cement’s promoters proposed selling their equity holdings.
The acquisition marks UltraTech’s investment in a non-controlling minority stake in Star Cement. The board approved the transaction on December 27, 2024. This move is part of UltraTech’s strategy to strengthen its position in the cement industry.
Star Cement’s turnover has shown consistent improvement over the years, reaching Rs 2,910.66 crore in FY24. UltraTech Cement, already the largest cement producer in India, aims to further cement its leadership with this acquisition.
