UltraTech is confident about the merits of the deal, noting that the southern grey cement market, where India Cements operates, remains highly competitive and fragmented, with over 35 manufacturers.

In July, UltraTech announced the acquisition of a 32.72% stake in India Cements from promoters and associates, paying Rs 3,954 crore for the 28.42% stake from the promoters and 4.30% from Sri Saradha Logistics. The acquisition is subject to regulatory approvals.

UltraTech has assured that any vertical relationships between the two companies are non-exclusive and at arm’s length, in the ordinary course of business.