UltraTech Cement’s (UTCEM) board has approved cement capacity expansion of 22.6 mnte (~17% of expected FY23 India operations base of 130.9 mnte) at a capex of ~Rs129bn (US$76/te which the company expects to complete by FY25. The fresh round of capacity expansion will take UTCEM’s total India grey cement capacity to ~154 mnte from current 114.6 mnte, implying a 10.4% CAGR during the next three years.