UltraTech Cement Middle East Investments Limited, a wholly owned subsidiary of company in the UAE, has entered into a share sale and purchase agreement with Seven Seas Company in Oman to acquire shares in Duqm Cement Project International. The company will buy 70 per cent equity shares of the company for $2.25 million.
The company is acquiring the firm for raw material security, and the acquisition is to be completed in 90 days from the date of the share sale and purchase agreement.
After the acquisition, the company will become a subsidiary of UltraTech.
Duqm Cement Project International, LLC, a company in Oman was incorporated on December 20, 2017.
On Monday, the sahres of UltraTech Cement closed at Rs 6,875, up by 2.37 per cent.
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