Mumbai: The board of directors of UltraTech Cement Ltd will meet 15 November to consider a proposal to merge Grasim Industries Ltd’s cement business with itself. The meeting is expected to take into account suggestions by a committee of directors on the legal and financial aspects of the deal.
The Aditya Birla group-owned Grasim Industries in October had announced plans to spin off its cement unit into another company called Samrudhi, which in turn would be merged with another group company UltraTech Cement. Earlier in October, Samrudhi Cement Ltd had sent UltraTech a proposal to merge itself with that firm. The UltraTech board, “having found the proposal attractive” had authorized the committee of directors to give their opinion on the legal and financial aspects.