UltraTech Cement has announced its intention to acquire a 31.6 percent stake in UAE-based RAK Cement Co for White Cement and Construction Materials PSC (RAKWCT).
This acquisition will be conducted through UltraTech’s fully owned subsidiary, UltraTech Cement Middle East Investments Ltd, based in the UAE. The offer period will be open from May 28 to June 24.
This follows UltraTech’s previous announcement of a $10.10 million (approximately `839.52 crore) investment to acquire a 29.39 percent equity share in RAK Cement Co.
UltraTech aims to utilise its expertise in white cement manufacturing to enhance RAK Cement’s business on a local, regional, and global scale.
RAK Cement Co, listed on the Abu Dhabi Stock Exchange and established in September 1980, reported a turnover of Rs.576.30 crore in 2023, reflecting a growth of over 7 percent compared to the previous year.
Its turnover was Rs.537.40 crore in 2022 and Rs.482.50 crore in 2021.
UltraTech Cement, with a consolidated capacity of 138.39 MTPA of grey cement, operates 23 integrated manufacturing units, 29 grinding units, one clinkerisation unit, and 8 bulk packaging terminals.