Ultratech Cement said that UltraTech Cement Middle East Investments has entered into a share sale and purchase agreement with Seven Seas Company LLC, Oman, for acquisition of 70% equity shares in Duqm Cement Project International.
UltraTech Cement Middle East Investments is Ultratech's wholly owned subsidiary in UAE.
Duqm Cement Project International, LLC, is a company situated in Oman and belongs to the Mining (limestone) industry.
The cost of the said acquisition is $2.25 million. The acquisition is being done for raw material security, Ultratech said.
The cement maker expects to conclude the said acquition within 90 days from the date of the share sale and purchase agreement.
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UltraTech Cement is the cement flagship company of the Aditya Birla Group. It is the third largest cement producer in the world, outside of China, with a consolidated Grey Cement capacity of 126.75 MTPA.
The cement major's consolidated net profit (from continuing operations) tumbled 38.03% to Rs 1,058.20 crore in Q3 FY23 as against Rs 1,707.72 crore posted in Q3 FY22. Revenue from operations jumped 19.5% to Rs 15,520.93 crore in the quarter ended 31 December 2022 from Rs 12,984.93 crore recorded in the same period a year ago.
The scrip added 2.51% to end at Rs 6885.20 on the BSE today.
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