Shree Cement Group to acquire balance stake in UAE-based Union Cement Norcem

Shree Cement announced that its step down subsidiary in UAE, Union Cement Company PrJSC presently holds 60% Equity Capital of Union Cement Norcem Co. situated in UAE. Shree Global FZE, a wholly owned subsidiary of the company situated in UAE has agreed to acquire remaining 40% stake in UCN. The transaction value of the same would be AED 14.50 million (approx. Rs 30 crore). The said acquisition is likely to be consummated by 30 June 2022.

Union Cement Norcem is engaged in the business of marketing oilwell cement.

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