Ultratech
UltraTech Cement Limited is an Indian multinational cement company based in Mumbai. It is the largest manufacturer of grey cement, ready-mix concrete (RMC) and white cement in India, and the fifth largest in the world, with an installed capacity of over 200 million tonnes per annum and significant scaling.
UltraTech Cement traces its origins to 1983 when it began as the cement division of Larsen & Toubro (L&T), being sold under the "L&T Cement" brand. In 2000, L&T decided to sell its cement business and incorporated a wholly owned subsidiary to house the cement assets.
In 2001, Reliance Industries sold its entire 10% stake in L&T to Grasim Industries. At the time, L&T was the largest cement manufacturer in India, while Grasim was the third-largest. In 2002, Grasim would increase its stake in L&T to 15% and its attempt to launch an open offer to acquire an additional 20% stake was stayed by the SEBI over a possible violation of takeover rules.
In 2003, L&T announced that it would demerge the cement business into a company called UltraTech CemCo. As part of the demerger plan, Grasim agreed to acquire an 8.5% stake in UltraTech CemCo from L&T, make an open offer to acquire another 30%, and transfer its 15% stake in L&T (residual engineering company) to L&T Employees Welfare Foundation. The deal was executed in 2004, with Grasim obtaining management control of UltraTech CemCo (later renamed as UltraTech Cement) with its 51% stake, while L&T retained 11.5% shareholding.
Ambuja
Ambuja Cements Limited, formerly known as Gujarat Ambuja Cement Limited (GACL), is an Indian cement producing company, which markets cement and clinker for both domestic and export markets.
The company had entered into a strategic partnership with Holcim, the second-largest cement manufacturer in the world from 2006. Holcim had, in January, bought a 14.8 percent promoters' stake in the GACL for ?2,140 crore.
From 2010 to 2022, Holcim held a 61.62% controlling stake in Ambuja Cements. On 14 April 2022, Holcim announced that it would exit from the Indian market after 17 years of operations as part of a strategy to focus on core markets, and listed its stakes in Ambuja Cements and ACC for sale. On 15 May 2022, Adani Group acquired Holcim's stake in Ambuja Cements and ACC for US$10.5 billion.
Under Adani ownership, Ambuja aggressively expanded through major acquisitions including Sanghi Industries, Penna Cement, and Orient Cement, alongside robust organic greenfield and brownfield projects across India.
The rapid scale-up has firmly positioned Ambuja as a dominant pillar within the domestic cement sector, driving massive capacity additions and multi-crore strategic capital expenditure programs nationwide.
Shree
Shree Cement is an Indian cement manufacturer, founded in Beawar, Rajasthan, in 1979. Headquartered in Kolkata, it is India's third largest cement producer group by capacity and third largest cement company by market capitalisation. Shree Cement has expanded its installed cement production capacity past 72 mtpa including overseas operations. It also produces and sells power under the name Shree Power (captive power plant) and Shree Mega Power. Having entered the Ready-Mix Concrete (RMC) segment, the company continues to aggressively scale its RMC footprint pan-India.
Shree Cement was incorporated in 1979 by Benu Gopal Bangur as its founder director. In 1985, it commenced production from its first plant in Beawar, Rajasthan, with production beginning in 1985. In 1992, Bangur's son Hari Mohan Bangur, an IIT Bombay graduate, joined the business and is the current head of the company. In 2003, Hari Mohan’s son Prashant Bangur also joined the company.
In 2018, Shree Cement acquired UAE-based Union Cement, which had a capacity of 4 mtpa in the Emirate of Ras Al Khaimah, for $305 million, and further upgraded its overseas mills recently.
In 2019, the company raised Rs. 2,399.99 crore through a qualified institutional programme. Continuing its heavy capital expenditure momentum, it has commissioned massive kilns like the one at its Nawalgarh plant while advancing extensive regional growth lines.
Aside from historical grinding unit additions, its capacity growth has steadfastly relied on high-efficiency greenfield and brownfield developments.