Ultratech Cement revealed its intention to acquire a grinding unit from India Cements in Maharashtra for Rs 315 crore. This unit will be capable of producing 1.1 million tonnes per annum (mtpa).

According to the company’s regulatory filing, “The board of directors, in today’s meeting, approved the acquisition of a grinding unit with an installed capacity of 1.1 mtpa, along with a captive railway siding, located in Parli, Maharashtra, from The India Cements.”

Ultratech Cement further stated, “This acquisition will bolster our presence in the swiftly expanding markets of Maharashtra.”

Earlier in April, Ultratech Cement had announced its plan to invest Rs 32,000 crore in capital expenditure over the next three years. On April 2nd, the company disclosed the commencement of operations at two new greenfield projects in Chhattisgarh and Tamil Nadu, propelling its total capacity to 151.6 mtpa.