The Aditya Birla group on Sunday approved a proposal to merge a newly created with its existing cement subsidiary, Ultratech thereby consolidating the group’s cement business that currently accounts for a fifth of the Indian cement market. The Board of Ultratech Cement and Samruddhi cement the latter a wholly owned subsidiary of Grasim Industries unaimously approved the merger of the two companies with a net worth of Rs 8404 crore. Samruddhi Shareholders will receive four shares of Ultratech cement for every seven shares held.
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