UltraTech Cement: additional 25% stake in UAE-based RAKWCT
Cement

UltraTech Cement: additional 25% stake in UAE-based RAKWCT

UltraTech Cement announced on Wednesday that it had acquired an additional 25 % stake in UAE-based RAK Cement Co for White Cement and Construction Materials PSC (RAKWCT), increasing its total holding to 54.39 %. According to a regulatory filing from UltraTech Cement, RAKWCT has now become a subsidiary of UCMEIL, its step-down firm. The acquisition was conducted by UltraTech Cement Middle East Investments Ltd. (UCMEIL), a wholly-owned subsidiary of the Indian cement maker in the UAE. "The offer period was from May 28, 2024, to July 24, 2024, during which UCMEIL acquired 12.50 crore shares, representing 25 percent of the share capital of RAKWCT," stated the Aditya Birla Group firm. Following the shareholders' meeting of RAKWCT held on July 10, 2024, the final allotment of shares in the name of UCMEIL was confirmed on July 10, 2024. "Together with the existing shareholding in RAKWCT, UCMEIL's aggregate shareholding in RAKWCT has increased to 54.39 percent," it added. Consequently, RAKWCT has been designated as a subsidiary of UCMEIL, effective July 10, 2024. Previously, on May 27, UltraTech announced its intention to acquire a 31.6 percent stake in RAKWCT and acquire 15.80 crore shares. However, the Aditya Birla Group firm later revised its offer to 25 percent. RAKWCT, incorporated in September 1980, reported a turnover of Rs 482.5 crore in CY21, according to the announcement. UltraTech Cement boasts a consolidated capacity of 154.7 million tonnes per annum (MTPA) of grey cement, with 24 integrated manufacturing units, 33 grinding units, one clinkerization unit, and 8 bulk packaging terminals.

UltraTech Cement announced on Wednesday that it had acquired an additional 25 % stake in UAE-based RAK Cement Co for White Cement and Construction Materials PSC (RAKWCT), increasing its total holding to 54.39 %. According to a regulatory filing from UltraTech Cement, RAKWCT has now become a subsidiary of UCMEIL, its step-down firm. The acquisition was conducted by UltraTech Cement Middle East Investments Ltd. (UCMEIL), a wholly-owned subsidiary of the Indian cement maker in the UAE. The offer period was from May 28, 2024, to July 24, 2024, during which UCMEIL acquired 12.50 crore shares, representing 25 percent of the share capital of RAKWCT, stated the Aditya Birla Group firm. Following the shareholders' meeting of RAKWCT held on July 10, 2024, the final allotment of shares in the name of UCMEIL was confirmed on July 10, 2024. Together with the existing shareholding in RAKWCT, UCMEIL's aggregate shareholding in RAKWCT has increased to 54.39 percent, it added. Consequently, RAKWCT has been designated as a subsidiary of UCMEIL, effective July 10, 2024. Previously, on May 27, UltraTech announced its intention to acquire a 31.6 percent stake in RAKWCT and acquire 15.80 crore shares. However, the Aditya Birla Group firm later revised its offer to 25 percent. RAKWCT, incorporated in September 1980, reported a turnover of Rs 482.5 crore in CY21, according to the announcement. UltraTech Cement boasts a consolidated capacity of 154.7 million tonnes per annum (MTPA) of grey cement, with 24 integrated manufacturing units, 33 grinding units, one clinkerization unit, and 8 bulk packaging terminals.

Next Story
Real Estate

Mahindra Lifespaces Bags Rs 12.5 billion Redevelopment in Mulund

Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development arm of the Mahindra Group, has been appointed as the preferred developer for the redevelopment of a premium housing society in Mulund (West), Mumbai. The project will be developed across a 3.08-acre land parcel, with an estimated development value of approximately Rs 12.5 billion. Strategically located, the site enjoys proximity to major connectivity points—just 1.4 km from the upcoming Mumbai Metro Line 5 and 0.8 km from the Goregaon-Mulund Link Road. It also offers seamless access to the Eastern Expre..

Next Story
Infrastructure Urban

Snowman Adds Warehouses in Kolkata and Krishnapatnam

Snowman Logistics, India’s leading integrated temperature-controlled logistics company, has announced the commencement of operations at its two new state-of-the-art, owned cold storage facilities in Kolkata and Krishnapatnam. With these additions, the company’s total pallet capacity has reached 1,50,754, spanning 43 warehouses in 20 cities across the country. The newly operational Kolkata facility offers a storage capacity of 5,630 pallets, while the Krishnapatnam facility holds 3,927 pallets. These warehouses are equipped with advanced automation and infrastructure designed to enhanc..

Next Story
Resources

Noesis Enables IHCL Hotel Deal in Udupi–Manipal Corridor

NOESIS Capital Advisors, India’s leading hotel investment advisory firm, has successfully facilitated a landmark hospitality transaction in the Udupi–Manipal region of Karnataka. The deal involves the acquisition of a nearly completed, 130-key upscale hotel that will operate under one of the premium brands of IHCL, reinforcing NOESIS’ position as a preferred partner for strategic hospitality transactions across India. Strategically located on the Udupi–Manipal Highway, the 1.03-acre property will cater to business travellers, pilgrims and families visiting Manipal University. With..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?