UltraTech Cement Strengthens its Grip on UAE-based RAKWCT with 25% Additional Stake
UltraTech Cement, India's leading cement manufacturer, has acquired an additional 25% stake in UAE-based RAKWCT, taking its total holding to 54.39%. This strategic move marks a significant milestone in the company's expansion plans.
Ultratech CementRakwctAditya Birla GroupCement IndustryUaeReal Estate PuneJul 11, 2024
The acquisition was made by UCMEIL, which acquired 12.50 crore shares representing 25% of the share capital of RAKWCT during the offer period from May 28, 2024, to July 24, 2024. The final allotment of shares in the name of UCMEIL was announced on July 10, 2024, following the conclusion of the meeting of the shareholders of RAKWCT.
With this acquisition, UltraTech Cement has further strengthened its grip on RAKWCT, which was incorporated in September 1980 and had a turnover of Rs 482.5 crore in CY21. The company has a consolidated capacity of 154.7 Million Tonnes Per Annum (MTPA) of grey cement, with 24 integrated manufacturing units, 33 grinding units, one clinkerisation unit, and 8 bulk packaging terminals.
UltraTech Cement's expansion plans are in line with its vision to become a leading player in the global cement industry. The company's strategic move to acquire a majority stake in RAKWCT is expected to enhance its presence in the UAE and strengthen its position in the region.
Information
UltraTech Cement is India's leading cement manufacturer, with a presence in over 80 countries. The company is a part of the Aditya Birla Group, a multinational conglomerate with a presence in various sectors, including cement, metals, pulp and fibre, and more.
Aditya Birla Group is a multinational conglomerate with a presence in various sectors, including cement, metals, pulp and fibre, and more. The group has a significant presence in India and globally, with a strong track record of innovation and excellence.
Frequently Asked Questions
What is the total stake of UltraTech Cement in RAKWCT?
UltraTech Cement has a total stake of 54.39% in RAKWCT.
When was RAKWCT incorporated?
RAKWCT was incorporated in September 1980.
What is the turnover of RAKWCT in CY21?
The turnover of RAKWCT in CY21 was Rs 482.5 crore.
What is the consolidated capacity of UltraTech Cement?
The consolidated capacity of UltraTech Cement is 154.7 Million Tonnes Per Annum (MTPA) of grey cement.
What is the significance of UltraTech Cement's acquisition of RAKWCT?
The acquisition of RAKWCT is a strategic move by UltraTech Cement to enhance its presence in the UAE and strengthen its position in the region.
Related News Articles
Mahindra Lifespaces Expands its Foothold in India's Real Estate Sector with a Massive Rs 2050 Crore Deal
Mahindra Lifespaces is set to strengthen its market presence with the completion of a whopping Rs 2050 crore deal, paving the way for sustained growth and value creation in India's dynamic real estate sector.
Budget Expectations: Real Estate Developers Seek Industry Status and GST Relief
Real estate developers in Noida and Greater Noida expect the Modi government to grant industry status to their sector and provide GST relief in the upcoming budget.
Haryana RERA Orders Ocean Seven Buildtech to Pay Interest to 15 Homebuyers for Delayed Possession
The Haryana Real Estate Regulatory Authority has directed Ocean Seven Buildtech to pay interest to 15 homebuyers for delayed possession of flats in the Expressway Towers project in Gurugram.
Maharashtra Govt Mulls Stamp Duty Concession to Revive Housing Market
The Maharashtra government is considering a stamp duty concession on property registration to boost housing sales in the state.
India's Green Revolution: Maharashtra Leads the Way in Sustainable Real Estate
Maharashtra tops the list of green real estate projects in India, followed by Uttar Pradesh and Gujarat, according to a report by Savills India.
Mumbai's Real Estate Market: Is the Boom on Hold? What the Recent Drop in New Projects Means for Buyers
In the bustling Mumbai Metropolitan Region (MMR), the real estate market has always been a key driver of housing growth. However, the latest quarter has seen a significant dip in new project launches, raising questions about the future of this dynamic mar