Ultratech Cement said that its wholly owned subsidiary in UAE, UltraTech Cement Middle East Investments, has invested in 29.39% equity share capital of RAK Cement Co. for White Cement and Construction Materials PSC.
RAK Cement Co. for White Cement and Construction Materials PSC (RAKWCT) is a company situated in Ras Al Khaimah, and listed on the Abu Dhabi and Kuwait stock exchanges. RAKWCT had reported a turnover of Rs 482.5 crore in CY21.
The acquisition has been made for a cash consideration of $101.10 million.
The said acquisition, together with the existing shareholding, will result in Cement Middle East Investments holding 29.79% of RAKWCT's equity share capital.
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 8 bulk packaging terminals.
On a consolidated basis, the cement major's net profit rose 7.83% to Rs 1,708 crore on 4.66% increase in net sales to Rs 12,710 crore in Q3 December 2021 over Q3 December 2020.
Shares of UltraTech Cement slipped 0.82% to currently trade at Rs 6671.85 on the BSE.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app