UltraTech to sell its stake in Bangladesh-based units to HeidelbergCement

UltraTech Cement Ltd on Tuesday said it will
sell
its entire
stake
in
Bangladesh–
based Emirates Cement Bangladesh Ltd (ECBL) and Emirates Power Company Ltd (EPCL)
to Germany’s
HeidelbergCement for an enterprise value of USD 29.5 million (about Rs 211.48 crore).

UltraTech Cement Middle East Investments Limited (UCMEIL),
UltraTech‘s UAE-based wholly-owned subsidiary, has entered into a “binding agreement with
HeidelbergCement Bangladesh Ltd for divesting
its entire shareholding
in ECBL and EPCL”, the Aditya Birla Group firm said
in a regulatory filing.

”
In terms of the agreement, UCMEIL will divest
its entire shareholding at an enterprise value of BDT equivalent of USD 29.5 million subject
to obtaining necessary regulatory approvals
in compliance with the laws of Bangladesh,” it said.

UltraTech Cement had a revenue of Rs 35,703.50 crore
in 2018-19 financial year.

The company has a consolidated grey cement capacity of 117.35 million tonnes per annum (MTPA).

UltraTech Cement has 23 integrated plants, 1 clinkerisation plant, 27 grinding
units and 7 bulk terminals, post the Century merger.
Its operations span across India, UAE, Bahrain, Bangladesh and Sri Lanka.