New Delhi: India's second largest cement firm UltraTech Cement Ltd said that it has entered into a pact with shareholders of Gotan Lime Stone Khanij Udyog Pvt Ltd to buy the Rajasthan-based company for an undisclosed amount.
"UltraTech Cement Ltd has signed an agreement with the shareholders of Gotan Lime Stone Khanij Udyog Private Limited (GKUPL), Rajasthan to acquire 100% equity shares of GKUPL," the cement major informed the stock exchanges Tuesday.
With this acquisition, GKUPL will become a wholly owned subsidiary of UltraTech Cement.
The Indian cement major has a market share of 19% and an installed capacity of 52 million tonnes per annum.
UltraTech Cement Ltd's fiscal first quarter (Apr-Jun) standalone net profit rose 13.94% to Rs 7.78 billion from Rs 6.83 billion in the year-ago period on higher sales.
Shares of Ultratech Cement Wednesday ended at Rs 1,616.1, up 0.11%, on the Bombay Stock Exchange.