UltraTech Cement acquires 29.39% in UAE-based RAKWCT for $101-M

Publicly-listed UltraTech Cement has acquired 29.39% equity share capital of "RAK Cement Co. for White Cement and Construction Materials PSC" (RAKWCT) for USD 101.10 million. This investment, together with the existing shareholding, will result in UltraTech holding 29.79% of RAKWCT's equity share capital. RAKWCT is located at Ras Al Khaimah, and is listed on the Abu Dhabi and Kuwait stock exchanges. Incorporated in 1980, it had reported a turnover of INR 482.5 Cr in CY 2021 (vs INR 446.4 Cr in CY 2020)