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RBI increases FPI limit in UltraTech Cement to 40%

RBI increases FPI limit in UltraTech Cement to 40%

New Delhi: Aditya Birla group firm UltraTech Cement on Tuesday said the RBI has increased the limit of foreign portfolio investment (FPI) in the company to 40 per cent.

Earlier, FPIs’ limit in the company was 30%.

“The RBI has today notified that the FPI limit under portfolio scheme in Ultratech Cement has increased from 30 per cent to 40 per cent of its paid up capital,” Ultratech Cement said in a BSE filing.

It further added: “Ultratech Cement has passed the necessary resolutions of its board of directors and general body as required under FEMA, 1999 and the regulations framed thereunder.”

UltraTech Cement, the Aditya Birla Group firm, is the largest cement producer in India with the production capacity of 68 million tonne per annum. Its business is spread over five countries.