UltraTech considers buying stake in Kenya’s ARM Cement: report
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Nairobi/Mumbai: UltraTech Cement Ltd, backed by K.M. Birla, may buy a controlling stake in ARM Cement Ltd of Kenya, a Nairobi-based newspaper reported.
ARM announced on 23 December it’s in talks with an unidentified institutional investor about a $125 million investment. Chief executive officer Pradeep Paunrana declined to comment on Tuesday when Bloomberg called him, citing regulatory compliance.
Pragnya Ram, a spokeswoman for the Aditya Birla Group that controls UltraTech, didn’t immediately respond to an e-mail and a text message seeking comment.
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Karnataka Chief Minister Siddaramaiah on Tuesday staged a dharna here protesting against the delay in release of drought relief funds by the Centre and criticised Prime Minister Narendra Modi and Home Minister Amit Shah over the issue.
Siddaramaiah said the protest -- held in front of the Mahatma Gandhi statue on the premises of Vidhana Soudha which houses the Legislature and State Secretariat -- was aimed at drawing public attention towards the "injustice" done to Karnataka and its people by the BJP-led government at the Centre.
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