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News Court rejects block to UltraCement’s acquisition of Century Textiles and Industries

Court rejects block to UltraCement’s acquisition of Century Textiles and Industries

Written by Global Cement staff 22 October 2018
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India: The Calcutta High Court has rejected a plea for an injunction by the owners of MP Birla Group into part of the acquisition process of Century Textiles and Industries by UltraTech Cement. The Lodha family holds a significant stake in Pilani Investment and Industries Corporation, which, in turn, owns a stake in Century Textiles and Industries, according to the Daily News and Analysis newspaper. It had argued that the demerger process as part of the sale of Century Textiles and Industries would seriously affect the remaining parts of its business. UltraTech Cement received approval from the Competition Commission of India (CCI) for the acquisition of the cement business of Century Textiles and Industries in late August 2018.

Last modified on 23 October 2018
Published in Global Cement News
Tagged under
  • India
  • Legal
  • Acquisition
  • UltraTech Cement
  • Century Textiles and Industries
  • GCW376
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