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 152.70 million tonnes per annum and 119 million tonnes per annum sales volume.

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.

In August 2023, Ambuja Cement acquired Sanghi Industries at an enterprise value of ?5,000 crore. In June 2024, Ambuja Cements acquired Hyderabad-based Penna Cement Industries at an enterprise value of ?10,422 crore.

In October 2024, Ambuja Cement acquired CK Birla Group's Orient Cement at an approximate value of ?8,100 crore.

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 an installed cement production capacity of 66.8 mtpa including overseas operations. It also produces and sells power under the name Shree Power (captive power plant) and Shree Mega Power. In 2024, the company entered the Ready-Mix Concrete (RMC) segment and currently operates 21 RMC plants, with plans to increase this number to 50 by the end of FY 2025–26.

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.

In 2019, the company raised Rs. 2,399.99 crore through a qualified institutional programme. In 2023, it announced a capex plan of approximately Rs. 7,000 crore to expand capacity by 12 mtpa across Rajasthan, Uttar Pradesh, and Karnataka, including a new integrated unit in Rajasthan and a clinker facility in West Bengal. In December 2023, it commissioned what it described as one of the world’s largest kilns at its Nawalgarh plant.

Aside from a 2014 purchase of a grinding unit in Panipat, Haryana, its capacity growth has been through greenfield and brownfield developments.