UltraTech set to acquire Century Textiles' cement business

UltraTech has announced plans to acquire the cement sector of Century Textiles through a share swap deal, which will further strengthen its presence in the eastern and central markets of India.

The deal is expected to be completed within 6-9 months following regulatory approval and will increase the efficiency of the company.

"The operations will be bolstered by economies of scale arising out of synergies in procurement and logistics costs; creation of efficiencies by reducing time to market, enhancing competitiveness as well as customer service," said UltraTech in a statement.

Other benefits include ready-to-use assets with a strong distribution network, according to the producer.

Century Textiles has a total capacity of 11.4Mta from three integrated cement plants located in Madhya Pradesh, Chhattisgarh and Maharashtra. Alongside this, the company operates a 2Mta grinding unit in West Bengal.