Century Textiles-UltraTech merger all but finalised: reports
14 October 2011
The merger of Century Textiles' cement business with UltraTech, much speculated on in the media, may go through in a few months, according to reports today suggesting that the merger process has started.
The company refused to comment on the reports, but shares of Century Textiles nonetheless gained 3.15 per cent in morning trading on the Bombay Stock Exchange.
Century is part of the B K Birla group, now headed by B K's grandson Kumar Mangalam Birla. Its cement business is split between three companies – Century, Kesoram and Mangalam Cement, with a collective cement capacity of around 17 million tonnes.
Century Textiles controls 7.8 million tonnes of the capacity.
Century Textiles has a paper and textile business in addition to its cement business. Its textile mill is also being relocated with a state of the art plant in Gujarat.