India’s leading cement producer UltraTech has received a notice from the Competition Commission of India (CCI) over its proposed buyout of The India Cements Ltd. UltraTech, who is already a 22.77% shareholder of India Cements, had announced earlier this year the intension to acquire a 32.72% stake of India Cements and become a 55.49% majority shareholder of the company (Photo: Sakarnagar cement plant). Anyhow, the CCI has to investigate the case of UltraTech in the fast-growing southern market where India Cements operates, although it is highly competitive and fragmented with more than 35 cement suppliers.