Shares of UltraTech Cement were trading in the green and almost 1% higher on 20 March after the company announced receiving approval from the Competition Commission of India (CCI) for the proposed acquisition of Kesoram Cement business from Kesoram Industries.

In its regulatory filing, the company said, “The proposed combination relates to the acquisition of the grey cement business of Kesoram Industries Limited by UltraTech Cement Ltd under a composite scheme of arrangement dated 30 November 2023.”

Earlier in November, the company proposed its plan to acquire the cement business of the BK Birla Group’s flagship business, Kesoram Industries, via an all-share deal for a total transaction value, including debt at Rs 7,600 crore.

In its quarterly report for October-December, the company reported a 68% year-on-year increase in its consolidated net profit to Rs 1,777 crore for the quarter from Rs 1,058 crore reported in the previous fiscal year.

The consolidated net sales during the quarter stood at Rs 16,487 crore, marking an 8% YoY increase from Rs 15,299 crore reported in the same quarter of the previous fiscal year.

The company is engaged in the manufacturing and selling of various construction materials in the country and has a strong product portfolio, including white cement, grey cement, building products, clinker, and ready-mix concrete.

At 11:45 am, the shares of UltraTech Cement were trading 0.60% higher at Rs 9,510.25 on NSE.