UltraTech of India Mulls Stake in Kenya’s ARM Cement

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UltraTech Cement Ltd., backed by Indian billionaire Kumar Mangalam Birla, may buy a controlling stake in ARM Cement Ltd. of Kenya, a Nairobi-based newspaper reported. ARM announced Dec. 23 it’s in talks with an unidentified institutional investor about a $125 million investment. Chief Executive Officer Pradeep Paunrana declined to comment 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. Source: Bloomberg

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