UltraTech to acquire minority stake in Star Cement from promoters in ₹851-crore deal
The Hindu
UltraTech Cement acquires 8.69% stake in Star Cement for ₹851 crore, expanding its capacity through strategic acquisitions.
Leading cement producer UltraTech Cement on Friday (December 27, 2024) said it will acquire a minority stake of 8.69% from the promoters of Meghalaya-based Star Cement in a deal worth up to ₹851 crore.
UltraTech Cement will by pick up stakes from Rajendra Chamaria and his family's holdings, part of the promoter group, sources told PTI.
Only the Chamaria family is selling its stake in the company, while other promoters who control Century Ply remain committed and are not divesting any shares, the sources said.
Rajendra Chamaria, when asked for comments, did not deny the development but refrained from divulging further details.
"The Chamarias are gradually selling out and have approached co-promoters like Sajjan Bhajanka and Sanjay Agarwal. Currently, the Chamarias' holdings are estimated to be around 13-14%. Any new investor will not have a board seat," the sources close to the development said.
According to the latest shareholding data, the total stake of all promoter shareholders with the surname Chamaria stands at 11.25%.
The development comes three days after the Aditya Birla group firm completed the acquisition of a controlling stake in India Cements Ltd, turning it into its subsidiary.
PFRDA seeks tax neutrality across all NPS payout plans to enhance customer choice and meet diverse pension needs.
Garuda Aerospace and BEL sign MoU to collaborate on supplying advanced drones for India's Defence Forces and security agencies.
Stock markets remain flat amid volatility, with foreign investors selling off equities while domestic buyers show activity.
Microsoft said Tuesday it will shoulder the full electricity costs of its US data centres to prevent American households from facing higher power bills driven by surging AI
The GPU sector is dominated by Nvidia, now the world's most valuable company thanks to frenzied global demand and optimism for AI.
1.2L Turbocharged iTurbo Revotron engine and a twin-cylinder iCNG technology paired with an AMT gearbox.
The Passenger Vehicle PV) segment clocked its highest-ever sales in a calendar year 2025 (CY25) at 44.90 lakh units, growing 5% Year on Year (YoY) driven by Q3 offtake, according to the data released by the Society of Indian Automobile Manufacturers (SIAM) on Tuesday.
Human + AI will define the future of work and nearly all HR leaders (97%) anticipate that by 2027, the nature of work will be shaped by humans working alongside AI rather than engaging with it only intermittently, said a Nasscom study conducted in association with Indeed, a US-based job site.
Central bankers express unity with Fed Chair Powell, emphasizing the importance of central bank independence amid political pressures.
Rice exporters urge India's Commerce Ministry for assistance in clearing payments amid Iran's civil unrest impacting trade.
PFRDA forms an expert committee to create a framework for assured payouts under the National Pension Scheme (NPS).
Petroleum Minister Hardeep Puri discusses LNG, LPG, and green hydrogen cooperation with British Columbia's Premier to enhance India-Canada energy partnership.
Rupee falls 4 paise to 90.21 against the dollar due to rising crude prices and geopolitical tensions.