UltraTech, an Indian cement company, on Tuesday announced that 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 $29.5 million.
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, reports Business Standard, an Indian daily.
"In terms of the agreement, UCMEIL will divest its entire shareholding at an enterprise value of Bangladeshi Taka equivalent of $29.5 million subject to obtaining necessary regulatory approvals in compliance with the laws of Bangladesh," said Aditya Birla Group firm.
In 2018-19 financial year, the company had a revenue of Rs 35,704 crore.
The company has a consolidated grey cement capacity of 117.35 million tonnes per annum. Its operations span across India, UAE, Bahrain, Bangladesh and Sri Lanka.