Mumbai, Aug 22 (IANS) The Competition Commission of India (CCI) has cleared a proposal for the acquisition of cement business of Century Textiles and Industries by UltraTech Cement.
According to a BSE filing on Tuesday, the Aditya Birla group company received the approval for the proposed combination via a CCI letter dated August 21.
On May 20, the Board of UltraTech Cement had approved a “Scheme of Arrangement amongst Century Textiles and Industries, the Company and their respective shareholders and creditors”.
In terms of the scheme, Century will demerge the cement business into UltraTech.
“The transaction provides UltraTech the opportunity for further strengthening its presence in the highly fragmented, competitive and fast growing East and Central markets and extending its footprint in the western and southern markets in the country,” the company had said in a statement on May 20.