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UltraTech to buy stake in UAE’s RAK Cement 

UltraTech’s UAE arm offers to acquire 31.6% of issued and paid-up share capital of RAKWCT

UltraTech to buy stake in UAE’s RAK Cement 
[Source photo: Chetan Jha/Press Insider]

Aditya Birla group firm UltraTech Cement Ltd has made an offer to buy a 31.6% stake in UAE-based RAK Cement Co. for White Cement and Construction Materials PSC (RAKWCT), the company said. 

UltraTech Cement Middle East Investments Ltd (UCMEIL), UltraTech Cement’s wholly owned subsidiary in the UAE, has made an offer to buy 158,049,610 shares, representing 31.6% of the issued and paid-up share capital of RAKWCT, the company said in a filing. 

Ras al Khaimah Co. (RAK) is a company listed on the Abu Dhabi Stock Exchange. 

The offer period is between 28 May and 24 June.

Earlier on 15 April 2022, UltraTech had informed the exchange about UCMEIL investing in 29.39% equity share capital of RAKWCT. 

A flagship of the Aditya Birla group, UltraTech Cement is a $8.4 billion company. It is the largest manufacturer of grey cement and ready mix concrete (RMC) and one of the largest manufacturers of white cement in India. It is also the third largest cement producer in the world, excluding China. 

Besides India, where it has a capacity of over 100 million tonnes per annum (mtpa), UltraTech also has business operations in the UAE, Bahrain, and Sri Lanka and has a global capacity of more than 150 mtpa. 

In fiscal 2024, the company recorded consolidated net sales of ₹69,810 crore, up 12% from ₹62,338 crore last year. 

Profit before interest, depreciation and tax for the company was ₹13,586 crore against ₹11,123 crore in the previous fiscal, or a growth of 22%.

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