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 subjects 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).
