India Cements addresses UltraTech merger speculation

India Cements’ management addressed speculation about a potential merger with UltraTech Cement during its 78th Annual General Meeting. The company confirmed that its promoters have signed a Share Purchase Agreement with UltraTech, agreeing to sell their equity shares at Rs 390 per share, pending regulatory approvals. UltraTech has also announced an open offer for additional shares. The merger is expected to bring cost-reduction synergies and improve operational efficiency. India Cements highlighted its recent financial performance and cost-reduction measures, expressing confidence that UltraTech will continue these initiatives.