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

2024-04-03 09:13:45 am | Source: Reuters

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

News By Tags | #AmbujaCementsLtd #ACCLtd #UltratechCementLtd #CementSector #StockMarket #AdaniGroup #MergerandAcquisition #KesoramIndustriesLtd #AdityaBirlaGroup

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)

Disclaimer: The content of this article is for informational purposes only and should not be considered financial or investment advice. Investments in financial markets are subject to market risks, and past performance is not indicative of future results. Readers are strongly advised to consult a licensed financial expert or advisor for tailored advice before making any investment decisions. The data and information presented in this article may not be accurate, comprehensive, or up-to-date. Readers should not rely solely on the content of this article for any current or future financial references. To Read Complete Disclaimer Click Here

IGI Logo

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

Top News

Tag News

More News