UltraTech Cement - May 2019

Following its acquisition of Binani Cement, UltraTech Cement is now looking to sell the 3Mta integrated cement plant in China and 2.5Mta grinding plant in UAE it inherited as part of the deal. Prior to the agreement with UltraTech, Binani had tried to sell its 90 per cent stake in the Chinese plant but was unsuccessful. Finding a buyer for the UAE grinding works is also expected to be difficult due to overcapacity in the country.

Meanwhile, UltraTech is pushing ahead with its plans to establish a 3Mta clinker grinding works in India. The INR5.59bn (US$80.2m) project, which will be located in Cuttack district, Odisha, has received environmental clearance and work is expected to begin in October this year.