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UltraTech Cement Ltd.’s U.A.E.-based subsidiary will acquire majority stake in a limestone miner in Oman to ensure raw material security.
UltraTech Cement Middle East Investments Ltd.—a U.A.E.-based subsidiary of the Indian cement major—has entered into a share sale and purchase agreement with Seven Seas Company LLC to acquire 70% equity shares in Oman-based Duqm Cement Project International, LLC, the company told exchanges on Monday.
The acquisition will be completed within 90 days from the signing of share sale and purchase agreement, for a consideration of $2.25 million (Rs 18.33 crore), UltraTech said in its filing.
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