*UltraTech Cement Limited* plans to pick up 51% stake in Dubai's *Star Cement Group* for an undisclosed sum.
The acquisition will give UltraTech access to Asian and African markets in countries like Bangladesh, Bahrain and Sudan. Star Cement and UltraTech have agreed to enter into an agreement for the deal and lawyers are working on it. Transaction Note Star Cement is a part of* ETA group*- one of Dubai’s largest conglomerates that has interests in construction, shipping, retail, transport and education. The Star Cement Group's assets include a clinker production facility in Ras al Khaimah, cement grinding plants in Abu Dhabi, Ajman, Bahrain, Yemen and Bangladesh, a terminal for the storage and packaging of cement in Sudan, and a precast factory in Abu Dhabi. It has a total capacity of 3.8 Mn tonnes. * Raysut Cement*, Oman's largest cement producer by market value had bid to buy Star Cement in February. ETA group recently sold its scheduled license to the Chennai-based *Sun Networks Ltd*. It also recently invested in *Star Health Insurance*. UltraTech Cement is a part of the $24.5 Bn diversified Indian conglomerate - Aditya Birla Group. The company also has plans to absorb *Grasim Industries Ltd*’s cement business. The group is awaiting a court nod for the merger. The group plans invest up to Rs16, 000 cr in the cement business over the next 5 years to add 25 Mts of capacity and maintain its current market share of 19%. It is also merging UltraTech and *Samruddhi*, a newly created cement subsidiary, which will make the group’s cement company the largest cement producer in the whole country, with 49 Mts in capacity -- Regards Hardik Shah -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
