UltraTech to Buy Century’s Textile Cement Business in a Share Swap Deal
Aditya Birla Group Company UltraTech Cement has announced to buy the cement business of Century Textiles and Industries through a share swap deal that will make the company third largest player globally (Excluding China) crossing the 100-million-tonne capacity.
The deal is proposed to involve an enterprise value of Rs 8,621 crore that includes a debt of Rs 3,000 crore. As per the latest Board Meeting of the company, an approval has been sought for a scheme of arrangement amongst Century Textiles and Industries and its respective shareholders and creditors and will likely complete before the end of this year.
As a part of the deal, Century Textiles will first separate the cement division and then the demerged company will be combined with UltraTech. Shareholders of UltraTech will get ...