UltraTech Cement Ltd on Tuesday said it will sell its entire stake in Bangladesh-based Emirates Cement Bangladesh Ltd (ECBL) and Emirates Power Company Ltd (EPCL) to Germany's HeidelbergCement for an enterprise value of $29.5 million (about Rs 211.48 crore).
UltraTech Cement Middle East Investments Limited (UCMEIL), UltraTech's UAE-based wholly-owned subsidiary, has entered into a "binding agreement with HeidelbergCement Bangladesh Ltd for divesting its entire shareholding in ECBL and EPCL", the Aditya Birla Group firm said in a regulatory filing.
"In terms of the agreement, UCMEIL will divest its entire shareholding at an enterprise value of BDT equivalent of $29.5 million subject to obtaining necessary regulatory approvals in compliance with the laws of Bangladesh," it said.
UltraTech Cement had a revenue of Rs 35,703.50 crore in 2018-19 financial year. The company has a consolidated grey cement capacity of 117.35 million tonnes per annum (MTPA).
UltraTech Cement has 23 integrated plants, 1 clinkerisation plant, 27 grinding units and 7 bulk terminals, post the Century merger. Its operations span across India, UAE, Bahrain, Bangladesh and Sri Lanka.