A senior official of Cement Manufacturing Company Star Cement says that the company will not have any more stake cell. He also ruled out the possibility of the company’s acquisition by UltraTech Cement. The country’s largest cement manufacturing company Ultratech Cement announced to buy an 8.69 stake in Meghalaya company Star Cement in December 2024. The deal was done for Rs 851 crore.
After this step, the market of speculation about the company’s complete acquisition was heated. This discussion was further intensified after the acquisition of India Cements by UltraTech. In fact, this company of Aditya Birla Group initially bought Minric Stake in India Cements. After this, the controlling stake was taken again.
Manoj Aggarwal, Chief Financial Officer of Star Cement, said in a post earning call with analysts, “Promoters will remain commitment to the company and there is no plan to reduce further share.” Star Cement has the highest market share in the North-Eastern Region. The company’s 79 % sales comes from this region. The company’s total installed capacity is about 8 million tonnes annually. The company has an integrated plant with a capacity of 1.67 million tonnes annually in Meghalaya and 4 grinding units. The company intends to increase this capacity to 25 million tonnes annually by 2030.
In 2024, UltraTech bought 55.49 % in Chennai’s company India Cements. UltraTech Cement bought 22.7 % stake in India Cements in June, while in June the company bought a 32.72 % share at a rate of Rs 390 per share.