UltraTech Cement Guarantees USD 55 Mn Loan for Associate

UltraTech Cement's Board of Directors has approved the issuance of a corporate guarantee of up to USD 55 million. This guarantee is in connection with a loan to be obtained by UHG Holdings IFSC Private Limited, an associate company. Grasim Industries Limited and Hindalco Industries Limited, both part of the promoter/promoter group, have stakes in UHG Holdings, which is considered a related party. The transaction is being conducted on an arm's length basis. The corporate guarantee represents a contingent liability for UltraTech Cement, with no other direct impact on the company.