Aditya Birla Group firm UltraTech said on Sunday it would acquire the cement business of BK Birla Group company Century Textiles and Industries, a move which would further consolidate its position as market leader in the segment. The transaction has an enterprise value of Rs 8,621 crore. The arrangement was approved by the company's board of directors on Sunday. K K Maheshwari, managing director, UltraTech Cement said, \u201cOf the Rs 8,621 crore, Rs 3000 crore is debt, which is being taken over by UltraTech. The remaining Rs 5,621 crore will be by way of issuance of equity shares directly to the shareholders of Century.\u201d The equity portion entails issuing 1 equity share of UltraTech of face value Rs 10 each for every 8 equity shares of Century of face value Rs 10 each. UltraTech will issue 1.4 crore new equity shares to the shareholders of Century, which will increase its equity capital to Rs 288.58 crore, divided into 28.86 crores equity shares of Rs 10 each. The acquisition will contribute positively to the company\u2019s earnings. Speaking about the rationale for the acquisition, Maheshwari said that with the change in Century's strategy, which is to focus on real estate business, cement had become a non-core business, which they wanted to exit. At the same time, with UltraTech's growing focus on growth, the assets made for a good strategic fit. The cement business consists of 3 integrated cement units in Madhya Pradesh, Chhattisgarh and Maharashtra with a total capacity of 11.4 mtpa and a grinding unit in West Bengal of 2 mtpa. Upon consummation of the deal, the company\u2019s cement capacity will stand augmented to 109.9 mtpa including its overseas operations. This will position UltraTech as the 3rd largest cement player globally (excluding China), it said.