About UltraTech Cement Ltd

UltraTech Cement Ltd. is the largest manufacturer of grey cement, Ready Mix Concrete (RMC) and white cement in India. It is also one of the leading cement producers globally. The company has an installed capacity of 93 Million Tonnes Per Annum (MTPA) of grey cement. UltraTech Cement has 18 integrated plants, 1 clinkerisation plant, 25 grinding units and 7 bulk terminals. Its operations span across India, UAE, Bahrain, Bangladesh and Sri Lanka. UltraTech Cement is also India's largest exporter of cement reaching out to meet the demand in countries around the Indian Ocean and the Middle East. UltraTech Cement is a subsidiary of Grasim Industries Ltd. UltraTech's subsidiaries are Dakshin Cements Limited, Harish Cement Limited, Gotan Limestone Khauj Udyog Private Limited, Bhagwati Limestone Company Private Limited, UltraTech Cement Lanka (Pvt.) Ltd., UltraTech Cement Middle East Investments Limited, PT UltraTech Mining Indonesia and PT UltraTech Investments Indonesia. UltraTech Cement Ltd was incorporated on August 24, 2000 as a public limited company with the name L&T Cement Ltd as a 100% subsidiary of Larsen & Toubro Ltd. In November 2003, the name of the company was changed from L&T Cement Ltd to UltraTech ChemCo Ltd. In the year 2004, pursuant to the scheme of arrangement, the cement business of Larsen & Toubro Ltd was de-merged and got transferred to the company with effect from April 1, 2003. In May 14, 2004, the company acquired four crore equity shares of Larsen & Toubro Ceylino (Pvt) Ltd from Larsen & Toubro Ltd at an aggregate consideration of Rs 23.03 crore. In July 2004, Grasim Industries Ltd acquired management control of the company and in October 14, 2004, the name of the company was changed from UltraTech ChemCo Ltd to UltraTech Cement Ltd. Also, Narmada Cement Company Ltd became a subsidiary of the company by virtue of the scheme of arrangement for de-merger of cement business of Larsen & Toubro Ltd. During the year 2005-06, the company increased the production capacity of Cement from 155 lakh tonnes to 170 lakh tonnes. As per the scheme of amalgamation, Narmada Cement Company Ltd was amalgamated with the company. Thus, the entire undertaking of Narmada Cement Company Ltd was transferred to the company with effect from October 1, 2005. During the year 2007-08, the company increased the production capacity of Cement from 170 lakh tonnes to 182 lakh tonnes. They set up 15 Ready Mix Concrete plants across the country. In March 2008, the Clinkerisation (pyrosection) unit at Andhra Pradesh Cement Works (APCW) was commissioned. During the year 2008-09, the company increased the production capacity of Cement from 182 lakh tonnes to 219 lakh tonnes as a result of expansion of capacity at the company's unit at Andhra Pradesh Cement Works (APCW) together with a new split grinding unit at Ginigera, Karnataka. They commenced commercial production of cement from their unit in APCW and grinding unit at Ginigera. During the year, the company commissioned 192 MW captive TPPs at their units at APCW, Hirmi Cement Works (HCW) in Chhattisgarh and Gujarat Cement Works (GCW) in Gujarat in a phased manner. Also, they set up new Ready Mix Concrete (RMC) plants and thus increased the RMC capacity to 4.76 million cubic metres per annum. During the year 2009-10, the company increased the production capacity from 219 lakh tonnes to 231 lakh tonnes. They incorporated a wholly-owned subsidiary company in UAE in the name of 'UltraTech Cement Middle East Investments Ltd'. In May 2010, the cement business of Grasim Industries Ltd was de-merged and vested in Samruddhi Cement Ltd. In July 2010, Samruddhi Cement Ltd was amalgamated with the company. During the year 2010-11, the company's wholly-owned subsidiary, UltraTech Cement Middle East Investments Ltd completed the acquisition of ETA Star Cement (ETA) and acquired management control of ETA's operations in the UAE, Bahrain and Bangladesh. The company's capacity stands augmented to 52 MMTPA placing it among the top 10 cement companies in the world due to the merger and acquisition. On 24 July 2012, UltraTech Cement announced that it has signed an agreement with the shareholders of Gotan Lime Stone Khanij Udyog Private Limited (GKUPL), Rajasthan to acquire 100% equity shares of GKUPL. With this acquisition, GKUPL has become a wholly owned subsidiary of the company. On 25 March 2013, UltraTech Cement announced that it has commissioned a clinkerisation plant of 3.3 mtpa at Rawan, Raipur, Chhatisgarh and a grinding unit of 1.6 mtpa at Hotgi, Solapur, Maharashtra. On 10 July 2013, UltraTech Cement announced that it has commissioned a clinkerisation plant of 3.3 mtpa at Malkhed in Karnataka. The Board of Directors of UltraTech Cement at its meeting held on 11 September 2013 approved the acquisition of the cement unit of Jaypee Cement Corporation Limited (JCCL) located in Gujarat, by way of demerger through a Scheme of Arrangement between JCCL and the company. JCCL is a wholly-owned subsidiary of Jaiprakash Associates Limited (JAL). The combined capacity of both the divisions of the Gujarat unit is 4.8 mtpa of cement with 57.5 MW coal based thermal power plant, limestone reserves for over 90 years at current capacity and a captive jetty at Sewagram. The enterprise value is Rs 3800 crore besides the actual net working capital at closing. On 20 February 2015, UltraTech Cement announced that it has won the auction conducted for a coal block at Bicharpur, situated in Madhya Pradesh. The company's bid of Rs 3,003 per metric ton was the highest. Commercial production from this coal block is expected to commence from FY 2018. On 16 March 2015, UltraTech Cement announced that it has commissioned a clinkerisation plant of 2 mtpa at Aditya Cement Works, Shambhupura, Rajasthan. The state of the art plant built at a cost of Rs 1250 crore can run on all kinds of fuel. On 26 March 2015, UltraTech Cement announced that the Rajasthan High Court has by its order dated 25 March 2015 quashed and set aside the order relating to cancellation of the mining lease of the limestone mines in the name of the company's wholly owned subsidiary Gotan Limestone Khanij Udyog Private Limited (GKUPL) and all consequential actions of the Rajasthan state government. The court has directed to handover the possession of mining lease to GKUPL forthwith. This will enable GKUPL to take possession and operate the mines. On 28 August 2015, UltraTech Cement announced that it has commissioned a bulk terminal with a capacity of 2 mtpa in Pune, Maharashtra. On 22 September 2015, UltraTech Cement announced that it has commissioned a cement grinding unit with a capacity of 1.6 mtpa at Jhajjar in Haryan. The 3rd line at Aditya Cement, Rajasthan commissioned in March 2015 will cater to the clinker requirement of this plant. On 30 September 2015, UltraTech Cement announced that it has commissioned a cement grinding unit with a capacity of 1.6 mtpa at Dankuni in West Bengal. Clinker requirement of the Dankuni grinding unit will be met through Rawan Cement Works in Chhattisgarh. The grinding unit is strategically located at a distance of less than 50 kms from Kolkata city. On 26 February 2016, UltraTech Cement announced the withdrawal of the Scheme of Arrangement between the company and Jaiprakash Associates (JAL) for the acquisition of JAL's entire cement business, including mining leases, situated at Bela and Siddhi in Madhya Pradesh as a going concern on a slump exchange basis. The company decided to withdraw the Scheme of Arrangement between the company and Jaiprakash Associates (JAL) after the High Court indicated that based on the recent amendments in the provisions of the Mines and Minerals (Development & Regulation) Act, 1947 (MMDRA) preventing transfer of mines granted other than through auction, and in the absence of any clear timelines for any amendment/clarification in the MMDRA, the court cannot sanction the Scheme. Earlier, UltraTech Cement's Board of Directors had at its meeting held on 23 December 2014 approved a proposal for the acquisition of cement units of Jaiprakash Associates Limited (JAL) located in Madhya Pradesh at an enterprise value of Rs 5400 crore. On 19 April 2016, UltraTech Cement announced that the company has commissioned a cement grinding unit with a capacity of 1.6 mtpa at Pataliputra in Bihar. The unit will cater to the markets of eastern India. On 9 May 2016, UltraTech Cement announced that its Board of Directors have approved a proposal for increase in investment limits by Registered Foreign Portfolio Investors from the existing 24% of the paid-up equity share capital to 30% of the paid-up equity share capital of the company. The Board of Directors of UltraTech Cement at its meeting held on 4 July 2016 approved a Scheme of Arrangement between the company, Jaiprakash Associates, Jaypee Cement Corporation and their respective shareholders and creditors for acquisition of cement plants for a total capacity of 21.2 mtpa at an enterprise value of Rs 16189 crore. Earlier, the Board had at its meeting held on 31 March 2016 approved signing definitive agreements for the acquisition of the identified cement plants Jaiprakash Associates in the states of Madhya Pradesh, Uttar Pradesh, Himachal Pradesh, Uttarakhand and Andhra Pradesh having a capacity of 21.2 mtpa at an enterprise value of Rs 15900 crore. At that time, UltraTech Cement also announced that the company and Jaiprakash Associates have agreed to exclude the 1.2 mtpa capacity in Karnataka as envisaged earlier. Earlier, on 28 February 2016, UltraTech Cement announced that it had entered into a binding Memorandum of Understanding (MoU) with Jaiprakash Associates for the acquisition of its identified cement plants having total capacity of 22.4 mtpa situated in Madhya Pradesh, Uttar Pradesh, Himachal Pradesh, Uttarakhand, Andhra Pradesh and Karnataka at an enterprise value of Rs 16500 crore. On 7 July 2016, UltraTech Cement announced that the company participated in the auction of coal linkages for the cement sector in Maharashtra and secured 52,000 TPA of G10 grade coal at basic floor price of Rs 1,510 per ton and premium of Rs 20 per ton. The company also secured coal linkage of 30,000 TPA of grade 8 coal at basic floor price of Rs 2,060 per ton in Maharashtra. On 26 July 2016, UltraTech Cement announced that the company participated in the auction of coal linkages for the cement sector and secured 95,000 tons of coal at a premium of Rs 80 per ton over base price of Rs 970 per ton from Junadhi Mines in Chhattisgarh. On 28 July 2016, UltraTech Cement announced that it has participated in the auction of coal linkage for captive power plant sub-sector and secured 27,600 tons of coal at a premium of Rs 150 per ton over notified price of Rs 970 per ton and 19,700 tons of coal at a premium of Rs 150 per ton over notified price of Rs 970 per ton from Dipka Mines (SCDG) in Chhattisgarh. On 2 August 2016, UltraTech Cement announced that it has participated in the auction of coal linkage for captive power plant sub-sector and secured 1.29 lakh tons of coal at a premium of Rs 100 per ton over floor price of Rs 970 per ton from Gevra Road mines in Maharashtra and 138,200 tons of coal at a premium of Rs 125 per ton over floor price of Rs 970 per ton from New Kusmunda (NKCR) mines in Chhattisgarh. On 19 January 2017, UltraTech Cement announced that the Competition Commission of India (CCI) in a reference filed by the state government of Haryana for alleged cartelization in August 2012 has passed an order directing the company and other opposite parties to cease and desist' from indulging in the acts/conducts which have been found to be in contravention of the provisions of the Competition Act, 2002. CCI also slapped a penalty of Rs 68.30 crore on the company, being 0.3% of the average turnover for the financial years 2012-13, 2013-14 and 2014-15. UltraTech Cement said at that time that it will take appropriate action after examining the CCI order fully. On 12 May 2017, UltraTech Cement announced that it has commissioned a 0.3 mtpa slag cement manufacturing capacity at its existing facilities at Patliputra in Bihar. This will bolster its capabilities to meet the growing demand for slag cement from the markets of Easter India. On 29 June 2017, UltraTech Cement announced that it has completed the acquisition of Jaiprakash Associates' six integrated cement plants and five grinding units spread across Himachal Pradesh, Uttar Pradesh, Uttarakhand, Madhya Pradesh and Andhra Pradesh, with a capacity of 21.2 million tons. The Board of Directors of UltraTech Cement at its meeting held on 9 December 2017 approved the setting up of a 3.5 mtpa integrated cement plant at Pali, Rajasthan, at an investment of around Rs 1850 crore. Commercial production from the plant is expected to commence by June 2020. The plant will cater to the markets in western Rajasthan where UltraTech does not have a significant presence. On 6 March 2018, Reserve Bank of India notified increase in limit for investment in the equity share capital of the company by Foreign Portfolio Investors (FPIs) from 30% to 40% of the paid up capital of the company. Earlier, on 9 December 2017, the Board of Directors of UltraTech Cement approved proposal for an increase in the investment limit by Registered Foreign Portfolio Investors, including foreign institutional investors (FIIs) from 30% to 40% of the paid up equity share capital of the company. On 19 March 2018, UltraTech Cement announced that the company has in-principle concluded commercial understanding with Binani Industries Limited (BIL) for purchase of BIL's entire stake of 98.43% in Binani Cement Limited (BCL) subject to termination of insolvency proceedings against BCL, entering into definite agreement and other customary and regulatory approvals. BIL is independently seeking termination of insolvency proceedings against BCL. The Board of Directors of UltraTech Cement at its meeting held on 19 March 2018 agreed to issue of a comfort letter confirming that the company will provide funds amounting to Rs 7266 crore, being the amount it had offered to the Committee of Creditors in terms of the Resolution Plan submitted by it for acquiring BCL. BIL will use the letter of comfort issued by UltraTech Cement as a support in its application seeking termination of the insolvency proceedings against BCL.

UltraTech Cement Ltd Chairman Speech

Dear Shareholder,

Global Economy:

The global economy recorded a healthy growth of 3.6% in 2018. During the second half of the year, however, the global economy lost some momentum, mainly on account of the increased trade frictions between the US and China, and the tightening of financial conditions. International Monetary Fund (IMF) expects growth to decelerate to 3.3% in 2019 and its projections suggest that all three major engines of the global economy, viz. US, China and Euro area are likely to decelerate in 2019. On the positive side, however, IMF expects world economic output to recover and grow at 3.6% in 2020.

Of late, there have been a few growth-supportive factors such as the announcement of economic stimulus in China and halt to the process of monetary policy tightening in developed countries. But the business sentiment has become somewhat clouded with challenges arising from the apparent setback to the US-China trade talks, the spread of trade frictions to technology sectors and the increased intermingling of economic policies. These challenges signal that global commodity prices could be under pressure.

Indian Economy:

Indian economy exhibited mixed record in the just concluded fiscal. GDP growth slowed from 7.2% in FY18 to 6.8% in FY19. Sub-par rainfall in 2018, tight financial conditions faced by the non-banking financial sector and moderation of external demand were the key challenges faced by the economy. Consumption growth declined during the second half of the year, but there were some signs of revival in the investment cycle, as the rate of gross fixed capital formation improved from 31.4% of GDP in FY18 to 32.3% in FY19.

Macroeconomic stability indicators broadly maintained their health. Low inflation has created the space for monetary policy easing, which will also help support growth revival. The fiscal deficit target for FY19 was adhered to, despite a shortfall in tax revenues. While the current account deficit was high at 2.6% of GDP during the first three quarters of FY19, the softness in international oil prices portends its narrowing in the coming quarters. Following the resounding political mandate for the ruling Government, expectations of further economic reforms and impetus to large infrastructure investments have been reinforced. These are reflected in strong inflows in the capital market, taking equity indices to record levels in the weeks following the general elections.

India's medium-term growth prospects continue to be robust. Significant reforms undertaken in the recent years such as GST and insolvency code would raise India's growth potential in the coming years, amplifying the effect of the long-term structural cornerstones of the Indian growth story such as demography and urbanisation. In the near-term, however, uncertainty over the forthcoming monsoon season and the heightened global risks present headwinds for FY20. Accordingly, the outlook for the Indian economy in FY20 is one of cautious optimism at this juncture.

Your Company's Performance:

The Indian cement industry witnessed a year of favourable demand scenario, achieving double-digit volume growth, last seen in FY10. With healthy volume off-take and comparatively lesser new capacity addition of 12 mtpa during FY19, capacity utilisation for the industry improved to 71%, about 5% higher than the previous year.

During FY19, your Company put in an impressive performance attaining net revenues of US$ 5.26 billion (` 36,775 crores) and EBITDA of US$ 1.03 billion (` 7,227 crores).

The significant development of the year was the successful acquisition of Binani Cement Limited, renamed as UltraTech Nathdwara Cement Limited, having an installed capacity of 6.25 mtpa in India. The acquisition provides your Company access to large reserves of high-quality limestone. It also consolidates your Company's leadership in the fast-growing Northern and Western markets in the country. After completing quality upgradation, the "UltraTech" brand was successfully launched from the erstwhile Binani plants.

Your Company also commissioned a greenfield cement project of 3.50 mtpa at Manavar in Madhya Pradesh. With this, the total cement capacity for your Company has enhanced to 94.75 mtpa in India.

In the next fiscal, with the acquisition of Century Cement, we expect UltraTech's installed capacity to scale up to over 113 mtpa. It gives me great satisfaction to inform you that UltraTech is today the third largest cement company in the World, excluding China.

Your Company has also made rapid strides in its sustainability journey. UltraTech has a water-positive score of over 2.00 across its plants as appraised by DNV-GL, a global quality assurance and risk management company. Three of its integrated plants became water-sufficient as a first step towards becoming water-positive in the foreseeable future.

Your Company has developed in-house technology to use all waste generated from the rejected concrete in the form of waste sludge or slurry for recycling into Ready Mix Concrete production. This technology is fully automated and enables the plant to be real zero discharge with no water and solid waste. This eliminates the cost of waste disposal and recycling material generated out of the said process. The partial substitution of sand, fly ash and water makes it a sustainable business proposition.

I am proud to inform that your Company has commissioned the First Green RMC Plant by using the said technology in Mumbai, having zero discharge - A First of its kind RMC Plant in the World.

Outlook:

We remain optimistic in our outlook for the cement sector in FY20 and expect the industry to grow at 7 to 8%.

With a stable government at the Centre, we expect a renewed thrust on infrastructure development through the construction of roads, metro rail projects, airports renovation, irrigation projects etc. This augurs well for your Company. UltraTech, with its strategic expansion plans in the last three years, is well positioned to participate in the growth story of a rising India.

The Aditya Birla Group: In Perspective

The Aditya Birla Group in many ways is a proxy for a Rising India, given the diversified nature of our businesses.

FY19 has been one of strategic decisions and partnerships; with many transformational business transactions: Vodafone-Idea merger, purchase of Binani Cement, acquisition of Aleris in Metals and Soktas in Textiles. We have demonstrated the courage to think mega scale, to act decisively and to be calm in a volatile and changing environment. We have reaffirmed the commitment and trust that we can reinvent ourselves and be game changers in the industry. Consequently, we are globally the third largest cement company (outside of China), and among the top 3 telecom players in the world. We closed the year with revenues of US$ 48.3 billion and an EBITDA of US$ 6.1 billion. We believe our people and people processes give us the definitive edge to manage scale and yet remain nimble to embrace change proactively.

On the people front, I am delighted to share that our robust people processes that have been the bedrock of our success over the years continue to evolve and stay contemporary. Let me give you a flavour of what we have accomplished and how it is making a difference.

As a Group, we continue to be deeply invested in our talent pipeline across levels. At one level, we have on-boarded over 200 fresh recruits from top engineering and management institutes for premier trainee programs, and at the other end, we are actively building an internal talent pipeline in our businesses. Our Employee Value Proposition of ‘A World Of Opportunities' is truly coming alive with this eclectic mix of experienced and young leaders. We have developed a robust leadership pipeline with a healthy ratio of 1:1 identified successors for more than 300 leadership roles across the Group.

Gyanodaya, the Aditya Birla Group Centre for Leadership Development continues to build curiosity for new learning, self-reflection and coaching in existing and future leaders. Broad-based leadership programs like Chairman Series brought 300 top leaders across the globe together on marketing, finance and strategy and built cohesion and cross-functional appreciation. Functional Academies have been established in 5 distinct areas: Human Resources, Manufacturing, Sales / Marketing and Customer Centricity, Information Technology and Finance to develop cutting edge functional capabilities in these areas. Over the past three years, over 5,000 employees have refreshed their skills, thereby enhancing the functional design and experience across the Group.

ABG Core Conclave, of middle managers across businesses, enabled 3,000 managers and business leaders to share nuances and have candid conversations on missed opportunities and challenges ahead. This unique platform reinforced the One ABG connect, brought new perspectives and gave me a first-hand feel of the excitement, passion and commitment of our vibrant next generation leaders.

Businesses have adopted new areas like Robotic Process Automation, Artificial Intelligence, Machine Learning, Analytics, Design thinking. They are experimenting with the same in manufacturing processes, servicing customers, logistics, enhancing the agility of the business and turnaround times, dramatically.

I believe the real test of HR processes lies in advancing business outcomes, and we have demonstrated a track record of doing just that. Greenfield projects were commissioned at earlier than planned time, and at a lower cost, acquired units were rebranded and recommissioned in days instead of months, earlier. While saving precious capital and related resources, these initiatives inspire confidence within the organisation and in the ecosystem. The Aditya Birla Group, over the years, has institutionalised best practices that have led to efficiency, safety, sustainability, and stronger Businesses. We have systematically got the customer to the centre of our Business discussions. As we continue to strive on this front, we need to get closer to the end consumer and innovate continuously to ensure a faster growth trajectory. With this in mind, we have constituted the Central Innovation Team. This team will not only build the innovation framework and pipeline but also get an outside-in perspective to our Businesses. This team works closely with Business R&D and Marketing teams, Technology talent, and a strong team of Data scientists. We are also in the process of evaluating partnerships with Global Universities and Start-ups relevant to the sectors in which we operate. The intent is to shift the Centre of gravity of your Company closer to the consumer.

We are determined to innovate. We are determined to grow. I am excited with the speed and precision with which we are transforming ourselves to be future-focused while remaining steadfast to our time-tested values. We move into 2019, with the confidence that we have the right capabilities not just to seize, but pounce on every opportunity that comes our way.

The best is yet to come. Thank you for your continuing support.

Yours sincerely,

Kumar Mangalam Birla

UltraTech Cement Ltd Company History

UltraTech Cement Ltd. is the largest manufacturer of grey cement, Ready Mix Concrete (RMC) and white cement in India. It is also one of the leading cement producers globally. The company has an installed capacity of 93 Million Tonnes Per Annum (MTPA) of grey cement. UltraTech Cement has 18 integrated plants, 1 clinkerisation plant, 25 grinding units and 7 bulk terminals. Its operations span across India, UAE, Bahrain, Bangladesh and Sri Lanka. UltraTech Cement is also India's largest exporter of cement reaching out to meet the demand in countries around the Indian Ocean and the Middle East. UltraTech Cement is a subsidiary of Grasim Industries Ltd. UltraTech's subsidiaries are Dakshin Cements Limited, Harish Cement Limited, Gotan Limestone Khauj Udyog Private Limited, Bhagwati Limestone Company Private Limited, UltraTech Cement Lanka (Pvt.) Ltd., UltraTech Cement Middle East Investments Limited, PT UltraTech Mining Indonesia and PT UltraTech Investments Indonesia. UltraTech Cement Ltd was incorporated on August 24, 2000 as a public limited company with the name L&T Cement Ltd as a 100% subsidiary of Larsen & Toubro Ltd. In November 2003, the name of the company was changed from L&T Cement Ltd to UltraTech ChemCo Ltd. In the year 2004, pursuant to the scheme of arrangement, the cement business of Larsen & Toubro Ltd was de-merged and got transferred to the company with effect from April 1, 2003. In May 14, 2004, the company acquired four crore equity shares of Larsen & Toubro Ceylino (Pvt) Ltd from Larsen & Toubro Ltd at an aggregate consideration of Rs 23.03 crore. In July 2004, Grasim Industries Ltd acquired management control of the company and in October 14, 2004, the name of the company was changed from UltraTech ChemCo Ltd to UltraTech Cement Ltd. Also, Narmada Cement Company Ltd became a subsidiary of the company by virtue of the scheme of arrangement for de-merger of cement business of Larsen & Toubro Ltd. During the year 2005-06, the company increased the production capacity of Cement from 155 lakh tonnes to 170 lakh tonnes. As per the scheme of amalgamation, Narmada Cement Company Ltd was amalgamated with the company. Thus, the entire undertaking of Narmada Cement Company Ltd was transferred to the company with effect from October 1, 2005. During the year 2007-08, the company increased the production capacity of Cement from 170 lakh tonnes to 182 lakh tonnes. They set up 15 Ready Mix Concrete plants across the country. In March 2008, the Clinkerisation (pyrosection) unit at Andhra Pradesh Cement Works (APCW) was commissioned. During the year 2008-09, the company increased the production capacity of Cement from 182 lakh tonnes to 219 lakh tonnes as a result of expansion of capacity at the company's unit at Andhra Pradesh Cement Works (APCW) together with a new split grinding unit at Ginigera, Karnataka. They commenced commercial production of cement from their unit in APCW and grinding unit at Ginigera. During the year, the company commissioned 192 MW captive TPPs at their units at APCW, Hirmi Cement Works (HCW) in Chhattisgarh and Gujarat Cement Works (GCW) in Gujarat in a phased manner. Also, they set up new Ready Mix Concrete (RMC) plants and thus increased the RMC capacity to 4.76 million cubic metres per annum. During the year 2009-10, the company increased the production capacity from 219 lakh tonnes to 231 lakh tonnes. They incorporated a wholly-owned subsidiary company in UAE in the name of 'UltraTech Cement Middle East Investments Ltd'. In May 2010, the cement business of Grasim Industries Ltd was de-merged and vested in Samruddhi Cement Ltd. In July 2010, Samruddhi Cement Ltd was amalgamated with the company. During the year 2010-11, the company's wholly-owned subsidiary, UltraTech Cement Middle East Investments Ltd completed the acquisition of ETA Star Cement (ETA) and acquired management control of ETA's operations in the UAE, Bahrain and Bangladesh. The company's capacity stands augmented to 52 MMTPA placing it among the top 10 cement companies in the world due to the merger and acquisition. On 24 July 2012, UltraTech Cement announced that it has signed an agreement with the shareholders of Gotan Lime Stone Khanij Udyog Private Limited (GKUPL), Rajasthan to acquire 100% equity shares of GKUPL. With this acquisition, GKUPL has become a wholly owned subsidiary of the company. On 25 March 2013, UltraTech Cement announced that it has commissioned a clinkerisation plant of 3.3 mtpa at Rawan, Raipur, Chhatisgarh and a grinding unit of 1.6 mtpa at Hotgi, Solapur, Maharashtra. On 10 July 2013, UltraTech Cement announced that it has commissioned a clinkerisation plant of 3.3 mtpa at Malkhed in Karnataka. The Board of Directors of UltraTech Cement at its meeting held on 11 September 2013 approved the acquisition of the cement unit of Jaypee Cement Corporation Limited (JCCL) located in Gujarat, by way of demerger through a Scheme of Arrangement between JCCL and the company. JCCL is a wholly-owned subsidiary of Jaiprakash Associates Limited (JAL). The combined capacity of both the divisions of the Gujarat unit is 4.8 mtpa of cement with 57.5 MW coal based thermal power plant, limestone reserves for over 90 years at current capacity and a captive jetty at Sewagram. The enterprise value is Rs 3800 crore besides the actual net working capital at closing. On 20 February 2015, UltraTech Cement announced that it has won the auction conducted for a coal block at Bicharpur, situated in Madhya Pradesh. The company's bid of Rs 3,003 per metric ton was the highest. Commercial production from this coal block is expected to commence from FY 2018. On 16 March 2015, UltraTech Cement announced that it has commissioned a clinkerisation plant of 2 mtpa at Aditya Cement Works, Shambhupura, Rajasthan. The state of the art plant built at a cost of Rs 1250 crore can run on all kinds of fuel. On 26 March 2015, UltraTech Cement announced that the Rajasthan High Court has by its order dated 25 March 2015 quashed and set aside the order relating to cancellation of the mining lease of the limestone mines in the name of the company's wholly owned subsidiary Gotan Limestone Khanij Udyog Private Limited (GKUPL) and all consequential actions of the Rajasthan state government. The court has directed to handover the possession of mining lease to GKUPL forthwith. This will enable GKUPL to take possession and operate the mines. On 28 August 2015, UltraTech Cement announced that it has commissioned a bulk terminal with a capacity of 2 mtpa in Pune, Maharashtra. On 22 September 2015, UltraTech Cement announced that it has commissioned a cement grinding unit with a capacity of 1.6 mtpa at Jhajjar in Haryan. The 3rd line at Aditya Cement, Rajasthan commissioned in March 2015 will cater to the clinker requirement of this plant. On 30 September 2015, UltraTech Cement announced that it has commissioned a cement grinding unit with a capacity of 1.6 mtpa at Dankuni in West Bengal. Clinker requirement of the Dankuni grinding unit will be met through Rawan Cement Works in Chhattisgarh. The grinding unit is strategically located at a distance of less than 50 kms from Kolkata city. On 26 February 2016, UltraTech Cement announced the withdrawal of the Scheme of Arrangement between the company and Jaiprakash Associates (JAL) for the acquisition of JAL's entire cement business, including mining leases, situated at Bela and Siddhi in Madhya Pradesh as a going concern on a slump exchange basis. The company decided to withdraw the Scheme of Arrangement between the company and Jaiprakash Associates (JAL) after the High Court indicated that based on the recent amendments in the provisions of the Mines and Minerals (Development & Regulation) Act, 1947 (MMDRA) preventing transfer of mines granted other than through auction, and in the absence of any clear timelines for any amendment/clarification in the MMDRA, the court cannot sanction the Scheme. Earlier, UltraTech Cement's Board of Directors had at its meeting held on 23 December 2014 approved a proposal for the acquisition of cement units of Jaiprakash Associates Limited (JAL) located in Madhya Pradesh at an enterprise value of Rs 5400 crore. On 19 April 2016, UltraTech Cement announced that the company has commissioned a cement grinding unit with a capacity of 1.6 mtpa at Pataliputra in Bihar. The unit will cater to the markets of eastern India. On 9 May 2016, UltraTech Cement announced that its Board of Directors have approved a proposal for increase in investment limits by Registered Foreign Portfolio Investors from the existing 24% of the paid-up equity share capital to 30% of the paid-up equity share capital of the company. The Board of Directors of UltraTech Cement at its meeting held on 4 July 2016 approved a Scheme of Arrangement between the company, Jaiprakash Associates, Jaypee Cement Corporation and their respective shareholders and creditors for acquisition of cement plants for a total capacity of 21.2 mtpa at an enterprise value of Rs 16189 crore. Earlier, the Board had at its meeting held on 31 March 2016 approved signing definitive agreements for the acquisition of the identified cement plants Jaiprakash Associates in the states of Madhya Pradesh, Uttar Pradesh, Himachal Pradesh, Uttarakhand and Andhra Pradesh having a capacity of 21.2 mtpa at an enterprise value of Rs 15900 crore. At that time, UltraTech Cement also announced that the company and Jaiprakash Associates have agreed to exclude the 1.2 mtpa capacity in Karnataka as envisaged earlier. Earlier, on 28 February 2016, UltraTech Cement announced that it had entered into a binding Memorandum of Understanding (MoU) with Jaiprakash Associates for the acquisition of its identified cement plants having total capacity of 22.4 mtpa situated in Madhya Pradesh, Uttar Pradesh, Himachal Pradesh, Uttarakhand, Andhra Pradesh and Karnataka at an enterprise value of Rs 16500 crore. On 7 July 2016, UltraTech Cement announced that the company participated in the auction of coal linkages for the cement sector in Maharashtra and secured 52,000 TPA of G10 grade coal at basic floor price of Rs 1,510 per ton and premium of Rs 20 per ton. The company also secured coal linkage of 30,000 TPA of grade 8 coal at basic floor price of Rs 2,060 per ton in Maharashtra. On 26 July 2016, UltraTech Cement announced that the company participated in the auction of coal linkages for the cement sector and secured 95,000 tons of coal at a premium of Rs 80 per ton over base price of Rs 970 per ton from Junadhi Mines in Chhattisgarh. On 28 July 2016, UltraTech Cement announced that it has participated in the auction of coal linkage for captive power plant sub-sector and secured 27,600 tons of coal at a premium of Rs 150 per ton over notified price of Rs 970 per ton and 19,700 tons of coal at a premium of Rs 150 per ton over notified price of Rs 970 per ton from Dipka Mines (SCDG) in Chhattisgarh. On 2 August 2016, UltraTech Cement announced that it has participated in the auction of coal linkage for captive power plant sub-sector and secured 1.29 lakh tons of coal at a premium of Rs 100 per ton over floor price of Rs 970 per ton from Gevra Road mines in Maharashtra and 138,200 tons of coal at a premium of Rs 125 per ton over floor price of Rs 970 per ton from New Kusmunda (NKCR) mines in Chhattisgarh. On 19 January 2017, UltraTech Cement announced that the Competition Commission of India (CCI) in a reference filed by the state government of Haryana for alleged cartelization in August 2012 has passed an order directing the company and other opposite parties to cease and desist' from indulging in the acts/conducts which have been found to be in contravention of the provisions of the Competition Act, 2002. CCI also slapped a penalty of Rs 68.30 crore on the company, being 0.3% of the average turnover for the financial years 2012-13, 2013-14 and 2014-15. UltraTech Cement said at that time that it will take appropriate action after examining the CCI order fully. On 12 May 2017, UltraTech Cement announced that it has commissioned a 0.3 mtpa slag cement manufacturing capacity at its existing facilities at Patliputra in Bihar. This will bolster its capabilities to meet the growing demand for slag cement from the markets of Easter India. On 29 June 2017, UltraTech Cement announced that it has completed the acquisition of Jaiprakash Associates' six integrated cement plants and five grinding units spread across Himachal Pradesh, Uttar Pradesh, Uttarakhand, Madhya Pradesh and Andhra Pradesh, with a capacity of 21.2 million tons. The Board of Directors of UltraTech Cement at its meeting held on 9 December 2017 approved the setting up of a 3.5 mtpa integrated cement plant at Pali, Rajasthan, at an investment of around Rs 1850 crore. Commercial production from the plant is expected to commence by June 2020. The plant will cater to the markets in western Rajasthan where UltraTech does not have a significant presence. On 6 March 2018, Reserve Bank of India notified increase in limit for investment in the equity share capital of the company by Foreign Portfolio Investors (FPIs) from 30% to 40% of the paid up capital of the company. Earlier, on 9 December 2017, the Board of Directors of UltraTech Cement approved proposal for an increase in the investment limit by Registered Foreign Portfolio Investors, including foreign institutional investors (FIIs) from 30% to 40% of the paid up equity share capital of the company. On 19 March 2018, UltraTech Cement announced that the company has in-principle concluded commercial understanding with Binani Industries Limited (BIL) for purchase of BIL's entire stake of 98.43% in Binani Cement Limited (BCL) subject to termination of insolvency proceedings against BCL, entering into definite agreement and other customary and regulatory approvals. BIL is independently seeking termination of insolvency proceedings against BCL. The Board of Directors of UltraTech Cement at its meeting held on 19 March 2018 agreed to issue of a comfort letter confirming that the company will provide funds amounting to Rs 7266 crore, being the amount it had offered to the Committee of Creditors in terms of the Resolution Plan submitted by it for acquiring BCL. BIL will use the letter of comfort issued by UltraTech Cement as a support in its application seeking termination of the insolvency proceedings against BCL.

UltraTech Cement Ltd Directors Reports

Dear Shareholders,

Your Directors present the Nineteenth Annual Report together with the Audited Accounts of your Company for the year ended 31st March, 2019.

OVERVIEW AND THE STATE OF THE COMPANY'S AFFAIRS

The global economy is estimated to grow at 3.3% in 2019, according to the International Monetary Fund ("IMF"). This comes on the back of two years of ‘cyclical upswing'. However, as the IMF points out, this pace of expansion could be at risk on account of an increase in trade tensions, abrupt tightening of financial conditions and policy uncertainty across economies. Emerging economies though remain on a relatively strong growth trajectory, driven largely by robust domestic demand conditions.

The Indian economic growth forecast is estimated ~7.3% in FY20 as per IMF, benefiting from moderating oil prices and expected fiscal push. India is less exposed to a slowdown in global manufacturing trade growth than other major Asian economies and emerging markets and is poised to grow at a relatively stable pace. During FY19 (up to February, 2019), merchandise exports from India have increased 8.85% year-on-year to US$ 298.47 billion, while services exports have grown 8.54% year-on-year to US$ 185.51 billion. Net employment generation in the country reached a 17-month high in January, 2019. With a stable Government at the Centre, the country should continue on its path of economic reforms leading to an increase in employment opportunities and consumption. The Indian cement industry witnessed another good year of favorable demand scenario. During FY19, industry achieved double digit volume growth, last witnessed in FY10. Commendable to note is the volume growth of ~13% achieved this year in continuation of ~ 9% growth in FY18.

Demand from infrastructure is witnessing growth at a fast pace, backed by Government's thrust on infrastructure development viz. construction of roads, metro rail projects, airports renovation, irrigation projects etc.

Besides, there has been a significant improvement in low-cost houses constructed under the Pradhan Mantri Awas Yozana ("PMAY") in rural areas. The government has successfully achieved its target of constructing 10 million houses in Phase I and has accelerated the target for Phase II to 18.5 million houses by FY22. Similarly, the affordable housing segment in the urban areas also gained momentum in the last year. On the individual home building ("IHB") front, the rural housing market has shown demand traction in major markets; however, Tier 2 and Tier 3 urban markets are yet to pick-up. In Tier 1 or metro cities, with the stabilisation of RERA, urban demand has witnessed some improvement. With healthy volume off-take and comparatively lesser new capacity addition of 12 MTPA during FY19, capacity utilisation for the industry improved to 71%, about 5% higher over the previous year. This is expected to improve further on likely sustained demand growth with incremental new supplies at a slower pace vis--vis increment demand.

It is against this background, that we share your Company's performance during FY19.

Production and Capacity Utilisation (grey cement):

MTPA – Million Metric Tonnes Per Annum. MMT– Million Metric Tonnes.

During the year, your Company commissioned a greenfield cement capacity of 3.50 MTPA at Manavar, District Dhar, Madhya Pradesh, taking its total capacity to 88.50 MTPA. Besides this, your Company also completed the acquisition of Binani Cement Limited ("BCL"), renamed as UltraTech Nathdwara Cement Limited ("UNCL"), having an installed capacity of 6.25

MTPA in India. With this, the total cement capacity for your Company has enhanced to 94.75 MTPA in India and along with its other subsidiary Star Cement the total capacity of your company stands at 98.75 MTPA. UNCL has operations in UAE and China with a total capacity of 5.2 MTPA. These companies are held for disposal and hence not counted as part of your Company's total capacity.

Cement production jumped 17% from 57.23 million tonnes in the previous year to 67.20 million tonnes. The increase in production is on account of healthy cement demand growth and benefit from increased utilisation of the capacities acquired in FY18, where utilisation improved from 53% in the previous year to 72%. Capacity utilisation also improved 5% on expanded capacity base. With the successful integration of the acquisition completed in June, 2017 and subsequent improvements carried out, these plants are now operating in line with the existing plants of your Company. A planned shutdown was undertaken at one of the acquired plants in Madhya Pradesh for cost improvements, the benefits of which will be fully achieved in Q1FY20. Having achieved a cash break even already, the acquisition is now on course to achieve a PBT break even. The acquisition is generating incremental earnings as planned, which are growing month on month. As the next phase of improvement, it is now proposed to invest in Waste Heat Recovery Systems ("WHRS").

Domestic sales volume registered a 20% growth, which is higher as compared to likely industry growth of ~ 13%. Some of the key drivers are: (i) F ull year benefit of acquired capacity coupled with increased utilisation level; (ii) Incr eased rural penetration, with higher contribution from UltraTech Building Solutions ("UBS"). There are altogether 1,915 such outlets, with 300 being added during FY19; (iii) higher demand from institutional segment, where UltraTech is the most preferred brand; and (iv) Additional sales volume upon acquisition of UNCL w.e.f. 20th November, 2018.

FINANCIAL PERFORMANCE

Net Turnover:

Your Company's Net Turnover at Rs. 35,105 crores is higher over the previous year, driven by higher sales volume and improvement in cement prices.

Other Income:

Other income is higher compared to the previous year due to an increase in State Industrial incentives benefit consequent to the commissioning of capacity in Madhya Pradesh and full year benefits from the acquired capacities.

Operating Profit (PBIDT) and Margin:

PBIDT for the year at Rs. 6,992 crores is higher by 8% over the previous year. Operating margin declined marginally due to increase in operating costs.

(i) Energy Cost

Overall energy cost rose 14% Rs. from 938/t to ` 1,068/t, attributable to an increase in pet coke and coal prices. Imported pet coke prices rose 6% from US$ 96/t to US$ 102/t coupled with the impact of currency depreciation of 8% over previous year and full year impact of hike in import duty on pet coke from 2.5% to 10% w.e.f. December, 2017. Consequently, effective landed cost of imported pet coke in energy terms increased more than 20% over the previous year. Compared to imported pet coke, the average price increase for domestic pet coke was higher at 27%, which forms over 60% of total power consumption during FY19.

To curb the impact of the increase in fuel your Company continuously works on efficiency improvement. Key initiatives towards these are:

- Focus on increasing usage of renewable (WHRS, Solar and Wind power), the total share of which increased to 8.5%, which was 100 bps higher over the previous year. During the year, your Company commissioned 26 MW of WHRS capacity, which is under ramp-up and the full benefit of which will be realised from FY20 onwards. Your Company is further setting up 46 MW of WHRS capacity, expected to be commissioned in FY21. This would cater to ~ 12% of your Company's current total power requirement;

- Entering into agreements with third parties for procuring solar power under ‘Group captive scheme', which are under implementation. The overall capacity of such tie-ups will increase from 62.5 MW to over 500 MW by end of FY21 and cater to ~ 10% of the total power requirement;

- Use of low cost fuels viz. industrial waste increased from 3% in the previous year to 3.3%. Around 3.48 LMT industrial waste has been used in the kilns;

- Power consumption improvement by 100 bps;

- Improved thermal power plant efficiency by reducing auxiliary consumption power.

(ii) Input material cost:

Raw materials cost saw an increase of 4% from ` 473/t to Rs. 491/t due to increase in slag, iron ore, aluminous clay and fly-ash prices and additional limestone on transfer of lime stone mines in your Company's name.

To mitigate the impact of the rise in raw material prices, your Company is working on identifying new sources of materials and alternative low costs materials. Besides, increasing the clinker to cement conversion ratio with the launch of new products, including composite cement have been started.

(iii) Freight and Forwarding expenses:

Logistics cost increased Rs. 1,124/t from to Rs. 1,170/t, due to an increase in diesel prices by 16%.

Increase in cost on account of higher diesel prices was partially negated with optimisation of lead distance, realising synergy benefit from the acquisition and commissioning the 3.5 MTPA capacity in the State energyof Madhya Pradesh. During the year, your Company has reduced the overall lead distance by ~ 5% over the previous year and 10% since June, 2017.

(iv) Employee costs:

Employee cost went up by 13%` 1,706from crores in the previous year to Rs. 1,926 crores. This was on account of normal annual increments, commissioning of new plants and full year impact of the cost of employees from the acquisition in June, 2017.

Depreciation:

Depreciation for the year at Rs. 2,010 crores is higher by ` 246 crores over the previous year, mainly on account of the full year impact of the acquisition and capitalisation of new capacity.

Finance Cost:

Increase in finance cost from Rs. 1,191 crores to Rs. 1,419 crores relate to the full year impact of the acquisition and additional debt taken during the year for acquiring UNCL.

Your Company does not accept any fixed deposits from the public falling under Section 73 of the Companies Act, 2013 ("the Act") and the Companies (Acceptance of Deposits) Rules, 2014.

Credit rating:

Your Company has adequate liquidity and a strong Balance Sheet. CRISIL and India Ratings and Research have re-affirmed their credit rating as CRISIL AAA and IND AAA for Long Term and CRISIL A1+ and IND A1+ for Short Term respectively.

Income Tax:

Income tax expenses increased in line with an increase in taxable income.

Net Profit:

Profit after tax increased by 10% from Rs. 2,231 crores to ` 2,456 crores.

Significant changes in key financial ratios, along with detailed explanations:

There have been no significant changes (more than 25%) in the key financial ratios as indicated below:

Cash Flow Statement

Sources of Cash Cash from operations:

Cash from operations was higher compared to the previous year, on account of higher sales volume.

Non-Operating Cash Flow:

Cash from non – operations was higher due to higher interest income.

Borrowings:

During the year, your Company raised Rs. 5,360 crores for the refinancing of loans availed / transferred for the acquisition of Jaiprakash Associates Limited and Jaypee Cement Corporation Limited's cement capacity. Your Company raised Rs. 1,500 crores, which is placed with UNCL as intercorporate deposits for repayment of financial and operational creditors. Your Company availed Rs. 245.32 crores as interest free loan under an incentive scheme of a State government and repaid existing long-term borrowings of Rs. 884 crores in line with the agreed repayment schedule.

Net Capital Expenditure:

Your Company spent over Rs. 1,600 crores on various capex during the year, primarily towards:

- completing work remaining on the green plant at Manavar, District Dhar, Madhya Pradesh, commissioned during Q1FY19;

- ongoing capex at Bara Grinding Unit, expected to be commissioned by Q2FY20;

- WHRS - currently work is in progress at 4 different plant locations, to be operational by FY21; and - other modernisation capex schemes.

Increase in Investments:

Your Company completed the acquisition of UNCL under the provisions of the Insolvency and Bankruptcy Code, 2016. Upon infusion of funds to the extent of ` 3,400 crores; taking over management control and re-constitution of the Board of Directors; UNCL became a wholly-owned subsidiary of your Company w.e.f. 20th November, 2018.

Increase in Working Capital:

Working capital increased on account of an increase in inventory, trade receivables, outstanding incentive receivables under State Industrial Investment Promotion Schemes and upfront royalty payment for the transfer of mines.

Purchase of Treasury Shares:

The UltraTech Employee Welfare Trust constituted in terms of your Company's Employee Stock Option Scheme, 2018 ("ESOS 2018") acquired equity shares of your Company to be allotted to eligible employees under ESOS 2018. As per the Ind AS, purchase of own equity shares are treated as treasury shares.

Transfer to General Reserve:

Your Company proposes to transfer an amount of Rs. 1,800 crores to the General Reserves.

DIVIDEND

Your Directors have recommended a dividend of Rs. 11.50 per equity share (` 10.50 per equity share in the previous year) of Rs. 10/- each for the year ended 31st March, 2019. The dividend distribution would result in a cash outgo of Rs. 380.76 crores (including tax on dividend of Rs. 64.92 crores) compared to Rs. 347.61 crores (including tax on dividend of Rs. 59.27 crores) paid for FY18.

In terms of the provisions of Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") your Company has formulated a dividend distribution policy. The policy is given in Annexure I to this Report. It is also accessible from your Company's website www.ultratechcement.com.

CAPITAL EXPENDITURE PLAN

Your Company commissioned a greenfield capacity of 3.5 MTPA at Manavar District – Dhar, Madhya Pradesh in June, 2018. This project went on stream in a record time of less than 365 days, setting a global benchmark for size of such capacity. The plant has already scaled up to full capacity and Clinkerisation section operated at 100% during Q4 FY19.

Work on the 4.0 MTPA Bara Grinding unit is now progressing satisfactorily and is expected to be commissioned by Q2 FY20.

Your Company has a current cement capacity of 94.8 MTPA in India, which will be augmented to 98.8 MTPA in India post commissioning of the Bara capacity.

Your Company has further plans to spend ~ Rs. 2,000 crores in FY20, related to remaining work at Bara, WHRS projects, development of coal block at Bicharpur, packaging terminal at Mumbai, wall care putty projects and other normal maintenance capex.

CORPORATE DEVELOPMENT

UltraTech Nathdwara Cement Limited:

The National Company Law Appellate Tribunal ("NCLAT") by its order dated 14th November, 2018 approved your Company's Resolution Plan for acquiring BCL under the provisions of the Insolvency and Bankruptcy Code, 2016, as amended. BCL became a wholly-owned subsidiary of your Company w.e.f. 20th November, 2018 and it was re-named UltraTech Nathdwara Cement Limited, w.e.f. 13th December, 2018.

The acquisition provides your Company access to large reserves of high quality limestone. It consolidates your Company's leadership in the fast growing Northern and Western markets in the country. Major overhauling of the plants was undertaken in Q4FY19 to improve production efficiencies. The plants have been ramping up on capacity utilisation, achieving 72% in the month of March, 2019. After completing quality upgradation, the UltraTech brand has been successfully launched from the plants. UNCL has a capacity of 6.25 MTPA in the State of Rajasthan.

Scheme of Demerger – Century Textiles and Industries Limited: Your Company's Board of Directors approved a Scheme of Demerger amongst Century Textiles and Industries Limited ("Century"), your Company and their respective shareholders and creditors ("the Scheme"). In terms of the Scheme, Century will demerge its cement business into your Company. Century's cement business consists of 3 integrated cement units in Madhya Pradesh, Chhattisgarh and Maharashtra and a grinding unit in West Bengal. In terms of the Scheme, your Company will issue 1 (one) equity share of face value of Rs. 10/- each for every 8 (eight) equity shares of Century of face value of ` 10/- each to the shareholders of Century. The Scheme having received the approval from the stock exchanges, Competition Commission of India and the shareholders, is now awaiting approval of the National Company Law Tribunal, Mumbai Bench and other regulatory authorities as may be required.

Upon completion of the acquisition of Century's cement assets, your Company's total capacity will reach 113.35 MTPA.

UltraTech Cement Ltd Company Background

UltraTech Cement Ltd Company Management

UltraTech Cement Ltd Listing Information

UltraTech Cement Ltd Finished Product