Ultratech acquires 29% stake in UAE-based RAK Cement

18 Apr 2022 , 11:48 AM

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 RAKWCTs 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 majors 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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