UltraTech Cement, a company belonging to the Aditya Birla Group, has received a notice from the Competition Commission of India (CCI) regarding its proposed acquisition of a 32.72% stake in India Cements Ltd.

The company is confident in its case and is preparing to respond to the CCI under Section 29 (1) of the Competition Act, 2002.

The CCI has expressed concerns that the acquisition may have a negative impact on competition in the southern grey cement market, which has over 35 manufacturers.

Once UltraTech responds, the CCI may request further investigation from its Director General of Investigations.

Earlier this year, UltraTech announced a deal to acquire a 32.72% stake in India Cements Ltd for Rs 3,954 crore and also offered Rs 3,142.35 crore to acquire an additional 26% stake from India Cements' shareholders, with the aim of strengthening its position in the Tamil Nadu market.