UltraTech buys 51% stake in ETA Star Cement, Dubai

UltraTech buys 51% stake in ETA Star Cement, Dubai
Published: 30 April 2010

Aditya Birla Group’s cement arm, UltraTech Cement, has announced the acquisition of Dubai-based ETA Star Cement Company, a move that will give the group entry into markets like the UAE, Bahrain, Bangladesh and Sudan. The cost of the acquisition was not disclosed.
The acquisition will be carried out by capitalising UltraTech Cement Middle East Investments, a wholly-owned subsidiary of UltraTech Cement in the UAE. The subsidiary will acquire management control and equity stake at all locations where ETA Star Cement is operational. 

It is understood that management control will come along with UltraTech Cement getting a more than 51% stake in ETA Star Cement. However, details were not disclosed.. 

‘‘The acquisition of ETA Star Cement marks an entry of the Aditya Birla Group Cement Business into the Middle-East. It is in line with our long-term strategy of expanding our global presence across businesses and is consistent with our vision of taking India to the world,’’ said Kumar Mangalam Birla, chairman, Aditya Birla Group. ETA Star Cement is promoted by the ETA Group.