UltraTech acquires 29% stake in RAK White Cement

UltraTech Cement Middle East Investments, part of UltraTech Cement in UAE, has invested US$101m to acquire a 29.39 per cent stake in RAK Cement Co for White Cement and Construction Materials PSC.

RAK White Cement reported a turnover of INR4.825bn (US$63.2m) last year, up from INR4.46bn in 2020. The company is registered on the Abu Dhabi and Kuwait stock exchanges.