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

UltraTech Cement Middle East Investments (UCMEIL) has entered into a "binding agreement with HeidelbergCement Bangladesh

UltraTech Cement, Bangladesh, Emirates Cement Bangladesh, Emirates Power Company, HeidelbergCement, Germany, Aditya Birla Group, Clinkerisation plant, Bulk terminals, UAE, Bahrain, Sri Lanka

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

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

"In terms of the agreement, UCMEIL will divest its entire shareholding at an enterprise value of BDT equivalent of $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.

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