UltraTech Cement changes acquisition agreement with RAKWCT to 25%

UltraTech Cement, a major player in the Indian cement industry, has amended its acquisition agreement with UAE-based white cement and building materials PSC (RAKWCT) company RAK Cement Co.

Initially proposed to acquire 31.6% of RAKWCT, UltraTech has now revised the deal to 25%. The announcement was made Tuesday in a regulatory filing.

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

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