History
UltraTech Cement traces its origins to 1983 when it began as the cement division of Larsen & Toubro (L&T), being sold under the "L&T Cement" brand. In 2000, L&T decided to sell its cement business and incorporated a wholly owned subsidiary to house the cement assets. [5]
In 2001, Reliance Industries sold its entire 10% stake in L&T to Grasim Industries. At the time, L&T was the largest cement manufacturer in India, while Grasim was the third-largest. [6] [7] In 2002, Grasim would increase its stake in L&T to 15% and its attempt to launch an open offer to acquire an additional 20% stake was stayed by the SEBI over a possible violation of takeover rules. [8]
In 2003, L&T announced that it would demerge the cement business into a company called UltraTech CemCo. As part of the demerger plan, Grasim agreed to acquire an 8.5% stake in UltraTech CemCo from L&T, make an open offer to acquire another 30%, and transfer its 15% stake in L&T (residual engineering company) to L&T Employees Welfare Foundation. [9] [10] The deal was executed in 2004, with Grasim obtaining management control of UltraTech CemCo (later renamed as UltraTech Cement) with its 51% stake, [11] while L&T retained 11.5% shareholding. [12]
Mergers and acquisitions
2013 - Acquired Jaypee Group's Gujarat cement unit for ₹3,800 cr. [13]
2017 - Acquired Jaiprakash Associates's six integrated cement plants for ₹16,189 cr. [14]
2018 - Entered into a scheme of arrangement with Century Textile and Industries to demerge Century's cement business into ultratech. [15]
Nov 2018 - Acquired Binani Cement for ₹7,266 cr. [16] [17]
Dec 2023 - Acquired Cement grinding assets of Burnpur Cement Ltd. From Punjab National Bank's Asset Reconstruction Company's auction for cash consideration of ₹169.79 crore (US$20 million). [18]
Controversies
In January 2022, one worker died and two others were injured in the company's plant at Jafrabad, Gujarat, after hot liquid raw material fell on them while cleaning a silo during a plant shutdown. [19]
In July 2023, three workers died in an oxygen cylinder explosion at UltraTech Cement's plant in Hirmi, Chhattisgarh. [20] In June 2024, a worker died after getting trapped in the belt of a machine at the Manawar factory in Madhya Pradesh. [21]
In July 2024, three workers died and 13 suffered burn injuries after hot mortar fell on them due to a boiler explosion at the company's factory near Jaggayyapeta, Andhra Pradesh, prompting the state government to issue a closure notice to the factory pending conclusion of an investigation. [22]
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₹76,699 crore (US$9.1 billion) (2025)
₹7,636 crore (US$900 million) (2025)
