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

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.

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.

HBL