Shree Cement to close in on Union Cement deal

Shree Cement reportedly plans to invest Rs 20 bn to acquire UAE-based Union Cement by July. Apart from that, the company will also spend Rs 13-14 bn on installing grinding units in West Bengal, Jharkhand, Odisha and Maharashtra to increase its production range from the current 34.9 million tonne, by at least 7-8 mt. The 800-odd minority shareholders of Union Cement were offered 2.1 UAE dirhams per share as a buyback price, higher than the regular market price of 1.85 UAE dirhams.<br /> <br /> Contact: Shree Cement.<br /> <br /> Website : www.shreecement.in<br />