JSA Successfully Advises UltraTech Cement on Landmark Merger Filing Under New Regime
JSA (J. Sagar Associates) has represented UltraTech Cement Limited in obtaining an unconditional approval from the Competition Commission of India (CCI) for its proposed acquisition of a controlling stake in The India Cements Limited.
JSA acted as the sole legal advisor to UltraTech in securing this approval, marking a significant achievement in the merger and acquisition landscape.
The proposed acquisition involves two key components:
- 32.72% of the paid-up equity share capital of India Cements from the promoters and members of the promoter group, along with another shareholder, Sri Saradha Logistics Private Limited.
- Up to 26% of the paid-up equity share capital of India Cements through a public open offer in accordance with the provisions of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011.
This acquisition forms part of UltraTech’s strategic initiative to expand its footprint in the highly fragmented and competitive Southern cement market, particularly in Tamil Nadu, where UltraTech has a relatively limited presence.
This approval marks a milestone in India’s competition law framework, being the first instance of an unconditional CCI approval following the issuance of a show cause notice under the amended merger control regime.
On 20 December 2024, the CCI granted approval to the acquisition, which was the first long-form (Form II) merger notification filed under the newly implemented merger control regime that came into force on 10 September 2024. The CCI’s approval was granted in just 25 days, showcasing the efficiency of the new process.
JSA’s team working on this significant matter included:
- Nisha Kaur Uberoi, Partner & Chair – Competition Practice
- Pranav Satyam, Partner
- Shambhvi Sinha, Principal Associate
- Anand Sree, Principal Associate
- Shivangi Chawla, Senior Associate
- Samriddha Gooptu, Senior Associate
- Kamal Sharma, Senior Associate
- Rishi Kauntia, Associate
- Pramothesh Mukherjee, Associate
- Keerthana Kesavan, Associate
- Vasudha Verma, Associate
- Aditya Prakash, Associate
- Naman Katyal, Associate
- Meghaa G, Associate
- Ashmeka K, Associate
- Cherian Chacko Manayath, Associate
- Tarun Katariya, Associate
Other advisors supporting the transaction included Dr. R.K.S. (Shyam) Khemani along with Nexdigm.
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