UltraTech Cement on Friday announced investing USD 101.10 million (around Rs 839.52 crore) for a 29.39 per cent equity stake in the UAE-based RAK Cement Co for White Cement and Construction Materials PSC (RAKWCT).
This is a ‘strategic investment’ for the company, Aditya Birla Group firm said in a regulatory update.
‘UltraTech Cement Middle East Investments Ltd (UCMEIL), a wholly-owned subsidiary of the Company in the UAE, has invested in 29.39 per cent equity share capital of RAKWCT, a company listed on the Abu Dhabi and Kuwait stock exchanges,’ the company said.
The shares have been acquired at a cost of USD 101.10 million, it said. This together with the existing shareholding, will result in UCMEIL holding 29.79 per cent of RAKWCT’s equity share capital.
RAKWCT was incorporated in September 1980 and had a turnover of Rs 482.5 crore in CY21, it added.
UltraTech has a consolidated capacity of 119.95 million tonnes per annum (MTPA) of grey cement. It has 22 integrated manufacturing units, 27 grinding units, one clinkerisation unit and eight Bulk Packaging Terminals.
UltraTech is the largest manufacturer of grey cement and ready-mix concrete (RMC) and one of the largest manufacturers of white cement in India. It is the third-largest cement producer in the world, excluding China.