Corporate News Details

Hindalco, UltraTech, and Grasim form UHG Holdings in GIFT City to expand operations

(21-Aug-26   19:49)

Hindalco Industries Limited, UltraTech Cement Limited, and Grasim Industries Limited jointly incorporated UHG Holdings IFSC Private Limited on August 20, 2026, in Gujarat International Finance Tec-City (GIFT City), with Hindalco Industries Limited holding 50,000 shares, UltraTech Cement Limited holding 41,000 shares, and Grasim Industries Limited holding 9,000 shares, representing a 50%, 41%, and 9% ownership respectively. UHG Holdings, which is governed by the International Financial Services Centres Authority Act, 2019, will seek International Financial Services Centres Authority (IFSCA) approval and has been incorporated to strengthen the business and operational network of the companies and to purchase, lease, charter, hire, own, operate aircrafts, ships, and other modes of transportation.