Samruddhi Cement to merge with UltraTech
Samruddhi Cement has recorded a net profit of Rs.315 crore on net sales of Rs.2214 crore in the first quarter ended June 2010. The company was part of Grasim Industries until October 2009. Now it will merge with UltraTech from 1 August.
Following the merger, the Samruddhi shareholders will receive four equity shares of Ultratech for every seven they held. Ultratech will emerge as India’s largest cement manufacturer with 43 million t of capacity.
Samruddhi said that in the June quarter realisations were lower in the southern and western regions of India due to overcapacity. However, the surplus situation may end in the next six to eight quarters.
Read the article online at: https://www.worldcement.com/asia-pacific-rim/29072010/samruddhi_cement_to_merge_with_ultratech/
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