“The UltraTech acquisition of India Cements, which necessitated a form 2 merger notification, represented many firsts under the amended merger control regime — it was the CCI and the industry’s first form 2 filed under the amended merger regime,” said partner Nisha Kaur Uberoi, who co-led the deal team.
“As UltraTech’s sole counsel, we were able to successfully convince the CCI and demonstrate via competition impact assessment and economic assessment reasons why the transaction should be unconditionally approved in spite of the issuance of the show cause notice, given [the] highly contestable markets that parties operate in.”
The CCI unconditionally approved the transaction in phase 1, based on arguments presented during the hearing. This approval, achieved in a record-breaking 25 days, established the deal as a significant precedent in merger control.
JSA acted as the sole adviser to UltraTech Cement in obtaining unconditional approval from the Competition Commission of India (CCI) for its proposed acquisition of 32.72% of India Cements.
Partners Uberoi and Pranav Satyam led the JSA team, with help from associates across multiple locations. Other advisers included RKS (Shyam) Khemani and Nexdigm.
The acquisition aims to expand UltraTech’s footprint in the fragmented and competitive southern market, particularly in Tamil Nadu, where it currently has a presence.
UltraTech Cement is a part of the Aditya Birla Group, India’s largest manufacturer of grey cement, ready-mix concrete and white cement. With a robust footprint across India and international markets, UltraTech operates 23 integrated plants, 27 grinding units and seven bulk terminals.
India Cements, is one of the country’s leading cement producers, with a strong presence in the southern region. Operating multiple integrated manufacturing plants and grinding units, it caters to infrastructure and construction needs across the country apart from working in energy, shipping and trading.
