UltraTech Cement Middle East Investments, a wholly owned subsidiary of Aditya Birla Group company in UAE, has entered into a share purchase agreement with Seven Seas Company LLC, Oman for acquiring 70 per cent equity shares in Duqm Cement Project International, LLC, Oman for $2.25 million.
Duqm Cement Project International, LLC, which owns limestone mining lease and provides raw material security in the long run, said UltraTech Cement in a statement.
The Oman company had.not registered any turnover in the last three years.
Apart from being the largest cement producer in India, UltraTech has operational presence in UAE, Bharain and Sri Lanka.
UltraTech has a capacity of 121.3 million tonnes per annum and domestic market share of 21 per cent by installed capacity. Its planned expansion to around 160 mtpa by FY25 will bolster its leadership.