Ultratech Cement said that its wholly owned subsidiary in UAE, UltraTech Cement Middle East Investments, has invested in 29.39% equity share capital of RAK Cement Co. for White Cement and Construction Materials PSC.
RAK Cement Co. for White Cement and Construction Materials PSC (RAKWCT) is a company situated in Ras Al Khaimah, and listed on the Abu Dhabi and Kuwait stock exchanges. RAKWCT had reported a turnover of Rs 482.5 crore in CY21.
The acquisition has been made for a cash consideration of $101.10 million.
The said acquisition, together with the existing shareholding, will result in Cement Middle East Investments holding 29.79% of RAKWCT's equity share capital.
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 8 bulk packaging terminals.
On a consolidated basis, the cement major's net profit rose 7.83% to Rs 1,708 crore on 4.66% increase in net sales to Rs 12,710 crore in Q3 December 2021 over Q3 December 2020.
Shares of UltraTech Cement slipped 0.82% to currently trade at Rs 6671.85 on the BSE.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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