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