The nation’s main cement maker UltraTech Cement on Friday introduced investing USD 101.10 million (round Rs 839.52 crore) for a 29.39 per cent fairness stake within the UAE-based RAK Cement Co for White Cement and Development Supplies PSC (RAKWCT).
It is a “strategic funding” for the corporate, Aditya Birla Group agency mentioned in a regulatory replace.
“UltraTech Cement Center East Investments Ltd (UCMEIL), a wholly-owned subsidiary of the Firm within the UAE, has invested in 29.39 per cent fairness share capital of RAKWCT, an organization listed on the Abu Dhabi and Kuwait inventory exchanges,” the corporate mentioned.
The shares have been acquired at a price of USD 101.10 million, it mentioned. This along with the present shareholding, will end in UCMEIL holding 29.79 per cent of RAKWCT”s fairness share capital.
RAKWCT was included in September 1980 and had a turnover of Rs 482.5 crore in CY21, it added.
UltraTech has a consolidated capability of 119.95 million tonnes every year (MTPA) of gray cement. It has 22 built-in manufacturing models, 27 grinding models, one clinkerisation unit and eight Bulk Packaging Terminals.
UltraTech is the most important producer of gray cement and ready-mix concrete (RMC) and one of many largest producers of white cement in India. It’s the third-largest cement producer on the earth, excluding China.