UltraTech Cement Revises Acquisition Deal with RAKWCT to 25%

UltraTech Cement has revised its acquisition deal with UAE-based RAK Cement Co for White Cement and Construction Materials PSC (RAKWCT) from 31.6% to 25%. The offer, made by its subsidiary UCMEIL, ran from May 28 to June 24, 2024. UltraTech had initially announced an investment of USD 101.10 million.

UltraTech Cement, a major player in the Indian cement industry, has revised its acquisition agreement with UAE-based RAK Cement Co for White Cement and Construction Materials PSC (RAKWCT).

Initially proposed to acquire 31.6% of RAKWCT, UltraTech has now adjusted the deal down to 25%. This announcement was made through a regulatory filing on Tuesday.

The offer period, managed by UltraTech Cement Middle East Investments Ltd (UCMEIL), ran from May 28 to June 24, 2024. Previously, UltraTech had declared an investment of USD 101.10 million for a 29.39% equity stake in RAKWCT, a company listed on the Abu Dhabi stock exchange.