CCI allows aqquisition of Kesoram Cement by UltraTech

The UltraTech’s acquisition of Kesoram Industries’ cement division have been allowed by the Competition Commission of India (CCI).The CCI stated in a statement on Tuesday that Kesoram Industries also operates operations in the areas of chemicals, rayon, and translucent paper, all of which are unrelated to this transaction.In an all-stock deal estimated at Rs 5,379 crore, UltraTech announced in November of last year that it would buy Kesoram’s cement division. This move was perceived as further solidifying UltraTech’s position in southern India.