The Aditya Birla Group of India is set to acquire a 51 per cent stake in Dubai-based Star Cement LLC for an undisclosed sum, sources close to the move have said.
Local press reported that the Indian conglomerate is set to acquire majority control of the Dubai-based company through its UltraTech Cement division, citing two unnamed people familiar with the development. The group is awaiting approval for the merger.
The two companies have reportedly entered into an agreement for the deal on which lawyers are currently working.
Star Cement, an associate company of UAE conglomerate ETA Ascon Star, has a total installed capacity of 3.8Mta, with a presence in growing markets such as Bahrain, Sudan and Bangladesh, giving UltraTech access to growing Asian and African markets.
In February, Oman’s Raysut Cement announced its intention to bid for Star Cement.