UltraTech Cement acquires 8.69 per cent stake in Star Cement

UltraTech Cement has acquired an 8.69 per cent stake in Star Cement, a Meghalaya-based cement manufacturer, for Rs 8.51 billion. UltraTech Cement and Ambuja Cement are on an acquisition spree as the competition between the two major players in the industry gets stiff. Star Cement is the third acquisition of UltraTech after India Cements and Kesoram Industries in the last two years. On the other hand, Ambuja Cements has acquired Sanghi Industries, Penna Industries, and Orient Cement. Further, Ambuja’s subsidiary, ACC, has also acquired Asian Concretes and Cements.