Ultratech Cement Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 15, 2009, inter alia, has considered the recommendation of the Committee of Directors ("Committee") on the proposal received from Samruddhi Cement Ltd. ("Samruddhi") in relation to a potential consolidation of Samruddhi and the Company.

The Board accepted the recommendation of the Committee and approved the amalgamation of Samruddhi into the Company in terms of a scheme of amalgamation under sections 391 - 394 of the Companies Act, 1956 (the "Scheme"). The Board also approved the share exchange ratio of 4 (four) equity share(s) in the Company of Rs. 10/- each credited as fully paid-up for every 7 (seven) equity shares of Rs. 5/- each credited as fully paid-up held by a member in Samruddhi. The share exchange ratio is based upon the valuation report submitted by M/s. Bansi S. Mehta & Co. Chartered Accountants and fairness of the same has been confirmed by M/s. UBS Securities India Pvt. Ltd.

In this regard, the Company has issued a Press Release dated November 15, 2009 titled "Samruddhi Cement Limited to merge with UltraTech; Creates 10th Largest Cement Company in the World"