Ultratech investment. UltraTech invests $101.1 million in UAE-based RAK cement

Our Bureau Updated - April 15, 2022 at 11:23 PM.

UltraTech Cement Middle East Investments, a wholly-owned subsidiary of UltraTech Cement in UAE, has invested $101 million to acquire a 29.39 per cent stake in RAK Cement Co for White Cement and Construction Materials PSC.

Listed on the Abu Dhabi and Kuwait stock exchanges, RAK Cement registered a turnover of ₹482 crore last year against ₹446 crore in 2020. The company turnover in 2019 was ₹453 crore.

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The fresh investment along with the existing shareholding will result in UltraTech Cement Middle East Investment holding 29.79 per cent in RAK Cement, it said

Published on April 15, 2022 15:57

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