Shares of Ultratech Cement were trading in the green and 2% higher on 22 April after the company announced its plans to acquire a grinding unit from India Cements.

In its regulatory filing, the company said, “The board of directors at 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 for a consideration of Rs 315 crore.”

The company has already entered into a purchase agreement for acquiring the grinding unit, which will help them in strengthening its presence in rapidly growing Maharashtra markets.

The Board of Directors of the company have also approved the brownfield capacity expansions with 1.2 million tonnes per annum (mtpa) at Parli, Maharashtra, for a total consideration of Rs 166.4 crore and 1.8 mtpa at Dhule, Maharashtra, for a total cost of Rs 338 crore, post the acquisition of the grinding unit.

The aforementioned capacity expansion will be completed by fiscal year 2026, and the total investment of Rs 504.4 crore will be made through internal accruals.

Furthermore, the company has received a GST demand from the Assistant Commissioner, CGST & CX, Patna East, Bihar, for a penalty worth Rs 1.46 crore, including interest.

At 2:23 pm, the shares of Ultratech Cement were trading 2.13% higher at Rs 9,562.95 on NSE.