JSA acted as the sole advisor to UltraTech Cement Limited (UltraTech) in securing an unconditional approval from the Competition Commission of India (CCI) pertaining to the proposed acquisition of:
- 32.72% of the paid-up equity share capital of The India Cements Limited (India Cements) from the promoters and members of the promoter group of India Cements and along with another shareholder of India Cements, i.e., Sri Saradha Logistics Private Limited; and
- Up to 26% of the paid-up equity share capital of India Cements by way of an open offer from the public shareholders of India Cements in terms of the provisions of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011 (as amended).
This proposed acquisition is an endeavour to extend UltraTech’s footprint and presence in the highly fragmented, competitive and fast-growing Southern market in the country, particularly Tamil Nadu, where it has a limited presence.
This was an acquirer only filing made by UltraTech with JSA acting as the sole counsel for UltraTech.
This is the first instance of the CCI unconditionally approving a transaction post issuance of a show cause notice under the amended merger control regime.
The proposed acquisition was approved by the CCI on 20 December 2024. It was the first long form (Form II) merger notification filed under the new merger control regime, which came into force on 10 September 2024 with the CCI approval taking 25 days.
The team from JSA comprised Nisha Kaur Uberoi, Partner & Chair – Competition Practice, with Partner – Pranav Satyam, Principal Associates – Shambhvi Sinha and Anand Sree; Senior Associates – Shivangi Chawla, Samriddha Gooptu and Kamal Sharma; and Associates – Rishi Kauntia, Pramothesh Mukherjee, Keerthana Kesavan, Vasudha Verma, Aditya Prakash, Naman Katyal, Meghaa G, Ashmeka K, Cherian Chacko Manayath and Tarun Katariya.
Other advisors included Dr. R.K.S (Shyam) Khemani along with Nexdigm.
Nisha Kaur Uberoi is a Partner and the Chair of the Competition Law Practice at JSA, leading one of the largest competition law teams in India.