UltraTech Cement - September 2019

UltraTech Cement, part of the Aditya Birla Group, is close to finalising the deal to sell its stake in Emirates Cement Bangladesh to HeidelbergCement Bangladesh Ltd. The price of the stake has reportedly been set at US$32.1m.

UltraTech first produced cement in Bangladesh following Aditya Birla’s acquisition of ETA Star Cement in 2010, when it bought into ETA’s Bangladeshi subsidiary, Emirates Cement, which operates a 0.5Mta grinding plant in Dhaka. HeidelbergCement Bangladesh Ltd has two grinding plants in the country, located at Kanchpur and Chittagong.

Meanwhile, UltraTech’s board has undergone a restructuring with Kailash Chandra Jhanwar being appointed managing director from 1 January 2020, taking over from Krishna Kishore Maheshwari, who will become non-executive vice chairman. Mr Maheshwari has been managing director of the company since 2016.