India's Ultratech Cement to set aside $3.9 billion for capex over three years

Reuters

2 April 2024 at 10:35 am·1-min read

A man cleans an Expert Testing Van of UltraTech Cement outside a cement store in Ahmedabad

BENGALURU (Reuters) -India's Ultratech Cement said on Tuesday it would set aside 324 billion rupees ($3.89 billion) for ongoing capital expenditure over the next three years.

The move follows increased deal-making in India's cement industry since nearest rival Adani Group bought ACC and Ambuja Cements , as well as strong demand from the housing and infrastructure sectors on government spending.

Ultratech also revealed on Tuesday the commissioning of two new cement units, bringing its total capacity to 151.6 metric tonnes per annum (MTPA), compared to the Adani Group's 76.1 mtpa as of end-2023.

The company, part of the Aditya Birla Group, also said it was in the process of closing its $645 million acquisition of Kesoram Cement.

($1 = 83.3460 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Anil D'Silva and Ravi Prakash Kumar)

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