Long known to be conservative with cash, the Aditya Birla Group chairman is on an acquisition and expansion spree. A lot of it has to do with the sudden threat to his cement dominance—his pride and joy.
In July, Kumar Mangalam Birla gained control of Chennai-based India Cements. He spent nearly Rs 6,000 crore—over two tranches—to pick up a 55% stake in the company and may have to fork out a further Rs 2,400 crore on a mandatory open offer for 20% more. The deal was Birla’s second in the cement space in nine months, having earlier bought Kesoram Industries’ unit in a share swap in November 2023.
The two acquisitions are in addition to the Rs 13,000 crore organic expansion plan that Birla announced in August 2023 at the annual general meeting of Ultratech Cement, the …
Surendar helps lead the newsroom at The Morning Context as executive editor. Over the years, Surendar has worked in industries from pharmaceuticals to diamonds, as well as a stint as an equity analyst. In his long career as a business journalist, he has led teams at The Times of India, India Today and Fortune India. He was part of the founding team at Forbes India and interned at and published in The Times, London.
Executive Editor
surendar@mailtmc.com
Mumbai