JUST IN
Lupin launches combination drug for patients with heart failure conditions
Leyland bags contract to supply 500 buses to Sri Lanka Transport Board
India IT spending to reach $110.3 bn in 2023 amid global slowdown: Report
Esri launches interactive mapping tool for state, corporate policymakers
Udaan product shipment jumps six-fold to 1.7 bn in 2022
Adani Enterprises' Rs 20,000 crore FPO to fund green capex, debt payback
Jubilant FoodWorks brings American chicken brand Popeyes to Chennai
Tata Steel sets up Centre for Innovation in Mobility at IIT-M Research Park
Pharma, healthcare Q3FY23 preview: Cost pressures abating to aid margins
Adani Enterprises files for Rs 20,000-crore follow-on public offer
You are here: Home » Companies » News
Under fire from restaurants, Zomato pushes food policy deadline to May 3
icon-arrow-left
Business Standard

UltraTech invests $101.1 mn in UAE-based RAKWCT, acquires 29.39% share

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

Topics
Ultra Tech | Aditya Birla Group

Press Trust of India  |  New Delhi 

Ultratech Cement
Workers walk in front of an UltraTech concrete mixture truck at the construction site of a commercial complex on the outskirts of the western Indian city of Ahmedabad | Photo: Reuters

The country's leading cement maker 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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

Read our full coverage on Ultra Tech

First Published: Fri, April 15 2022. 21:08 IST

`
RECOMMENDED FOR YOU
.