Shree Cement acquires majority of stake in UAE’s Union Cement for $305 million

Shree CementBy Accommodation Times Bureau

MUMBAI

Shree Cement’s board approved the acquisition of majority stake in Union Cement Company a UAE-based company for $305.24 million on Thursday, the company said.

“Our board has approved the acquisition of a minimum of 92.83 percent of beneficial shareholding in Union Cement for an enterprise value of USD 305.24 million,” the company said in a statement.

The acquisition will help to create its first footprint outside the country, with this acquisition, cement capacity of Shree Cement will increase from the present 29.3 million tonnes per annum to 33.3 mt, it said.





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