UltraTech board approves absorbing of Samruddhi Cement

UltraTech board approves absorbing of Samruddhi Cement

Mumbai: UltraTech Cement Ltd’s has given in principle approval to a proposal to absorb Aditya Birla group firm Samruddhi Cement, group chairman Kumar Mangalam Birla said on Tuesday.

“The board has in-principle approved the consolidation. We are appointing valuers to tell us the way forward," Birla said, adding the process would be completed in seven to eight months.

Earlier, UltraTech said in a statement it found the Samruddhi proposal “attractive" and set up a committee to evaluate it. The committee was expected to get back to the board with its recommendations by the first week of November, it said.

Last week, group flagship Grasim Industries decided to hive off its cement business into unit Samruddhi Cement in a cashless transaction, and said it would merge this with UltraTech over the next eight to ten months.