India’s leading cement maker UltraTech Cement has invested $101.10 million for a 29.39 percent equity stake in the UAE-based public shareholding company Ras Al Khaimah Co. for White Cement & Construction Materials (RAKWCT).
UltraTech Cement is the cement flagship company of the Indian multinational conglomerate Aditya Birla Group. This is a “strategic investment” for the company, Aditya Birla Group firm stated in a regulatory update.
According to the company statement, “UltraTech Cement Middle East Investments Ltd (UCMEIL), a wholly-owned subsidiary of the Company in the UAE, has invested in 29.39 percent equity share capital of RAKWCT, a company listed on the Abu Dhabi and Kuwait stock exchanges.”
After this investment, together with the existing shareholding, UCMEIL’s stake in RAKWCT will rise to 29.79 percent.
The company noted that the RAKWCT was incorporated in September 1980 and had a turnover of $63 million in 2021. The UAE company is organized into two business segments and they are manufacturing of white cement, lime products, and cement products, as well as investments, which include investments in marketable equity securities and deposits with banks.
Established in 1983, UltraTech is the largest manufacturer of grey cement and ready-mix concrete (RMC) and one of the largest manufacturers of white cement in India. It has a consolidated capacity of 119.95 million tons per annum (MTPA) of grey cement. It has 22 integrated manufacturing units, 27 grinding units, one clinkerization unit, and eight Bulk Packaging Terminals. UltraTech is the only cement company globally (outside of China) to have 100+ MTPA of cement manufacturing capacity in a single country.