Indian cement giant acquires stake in Omani firm

  • Date: 01-Feb-2023
  • Source: Zawya
  • Sector:Technology
  • Country:Oman
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Indian cement giant acquires stake in Omani firm

A UAE-based subsidiary of UltraTech Cement – India’s largest cement manufacturer – has announced the acquisition of a majority stake in Omani-owned Duqm Cement Projects International -- a move that will contribute to an uptick in limestone exports to the subcontinent.

Publicly traded UltraTech Cement said in a filing to the BSE, India’s leading stock exchange based in Mumbai, that UltraTech Cement Middle East Investments – a wholly-owned subsidiary of its parent company Aditya Birla Group – had entered into a share purchase agreement with Oman-based Seven Seas Company LLC covering the acquisition of a 70 per cent stake in Duqm Cement Projects International.

Duqm Cement Projects International was initially set up by Seven Seas Company, among other investors, to establish a major cement grinding project in the Special Economic Zone at Duqm (SEZAD). As lead promoter, Seven Seas Company had also announced at the time that it has been prospecting for a limestone quarry to support the raw material requirements of the proposed 10,000 tonnes-per-day capacity integrated cement manufacturing project.

In its filing, UltraTech Cement said the 70 per cent stake in Duqm Cement Projects International, which owns a limestone mining lease in Duqm, was acquired at a cost of $2.25 million.