Khaitan & Co has advised UltraTech Cement, India’s largest cement company, on its acquisition of a majority stake in rival India Cements for 39.54 billion rupees ($421 million).
Aditya Birla Group’s (ABG) UltraTech will make an open offer to N Srinivasan-led India Cements’ shareholders at 390 rupees ($4) a share to buy a 32.72 percent stake, the company said in a statement.
The acquisition comes as the battle for control of India’s cement market intensifies between ABG’s UltraTech and Gautam Adani’s Ambuja Cement and ACC brands, with both looking at strategic deals to increase capacity and consolidate the market.
Khaitan’s deal team advising UltraTech was led by senior partner Haigreve Khaitan and included partners Abhishek Dadoo and Niren Patel, counsel Shashank Patil, principal associate Jayantika Khanna, senior associate Aman Bagaria and associate Vritika Lakhwani.
