UltraTech Cement to Acquire Wonder WallCare
According to reports, UltraTech Cement is acquiring Wonder WallCare, a manufacturer of wall putty, for an enterprise value not exceeding Rs 235 crore as part of its aggressive expansion strategy. This acquisition will enhance the portfolio of value-added products for the country’s largest producer of cement.
Wonder WallCare, an entirely owned branch of Wonder Cement, operates a production facility for wall putty and other related goods with an annual capacity of 600,000 tonnes located in Rajsamand, Rajasthan.
The facility, built in 2022-23, is one of the biggest putty manufacturing plants at a single site in the nation, and it can be expanded in the future, according to reports.
The agreement is projected to be finalized in 90 days, pending regulatory approvals and compliance. Wonder WallCare reported revenue of Rs 78.61 crore for the fiscal year 2023-24, compared to Rs 20.36 crore in the previous year.
“This acquisition will enable the company to enhance its production capacity for putty and value-added products within the highly competitive and fragmented putty manufacturing sector in India,” states UltraTech.
Wonder WallCare's facility is located at the pithead of extensive high-quality raw material reserves, and is near UltraTech's current putty production plants in Rajasthan.
UltraTech presently possesses a grey cement capacity of 188.76 million tonnes and a white cement/putty capacity of 2.7 million tonnes. It operates three wall care putty facilities and markets the product under the 'Birla White' name.
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In late December, UltraTech acquired an 8.69 percent share in Star Cement, a cement manufacturer based in Meghalaya, from its promoter group for Rs 851 crore. This purchase provided Ultratech with a presence in the north-eastern market and one of the most lucrative firms in the area.