UltraTech to buy building materials business of Kesoram in 7,600 crore deal

Kumar Mangalam Birla's UltraTech Cement will buy the building materials business of Kesoram Industries (KI) - a company owned by his aunt Manjushree Khaitan - for an enterprise value of Rs 7,600 crore, consolidating the billionaire's position in the country amid major expansion plans by Gautam Adani for Ambuja Cements. Kesoram Cement, which will give Birla a manufacturing facility in Telangana, also accelerates UltraTech's plans to achieve a capacity of 200 million tonnes in the country.